Monday, June 22, 2009
Stock markets around the world have seen losses today after the World Bank warned that the global economic downturn will be worse than previously predicted. At midday, the Dow industrials average was down more than 150 points or about 2%.
The lender says the world economy will shrink 2.9% this year, worse than its previous prediction for a 1.7% contraction.
Investors have been cautious over much of this month amid concerns that recent economic reports have not been strong enough to warrant the rally in stock markets seen since the middle of March.