Developing economies of the world are still showing robust growth, but that may not be enough to lift the sagging economies of the developed world which still account for 60% of combined global economic output, warns Lin Yifu, a World Bank senior vice president and chief economist.
Lin, in an interview in Washington with reporters from Xinhua, the Chinese government news agency, published today,said that while the possibility of a double-dip global recession exists, it remains relatively low. At the same time, he warned that the “advanced economies might experience a Japanese-like lost decade,” in which they would be trapped in a prolonged period of sluggish growth and high unemployment.”
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