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Bombed-Out US Economy Blasts Globe Into Recession

Developing nations hit especially hard in first world recession since World War II
By Ambreen Ali,  Newser Staff
Posted Mar 9, 2009 4:05 AM CDT
Bombed-Out US Economy Blasts Globe Into Recession
A Greek police officer stands in front of students protesting in Athens late last year. The World Bank warns that political unrest will grow along with increasing economic woes.   (AP Photo/Bela Szandelszky)

(Newser) – The world economy is plunging into its first global recession since World War II, and sending 46 million people in developing countries back into poverty, warns a World Bank report. The global lender is urging leading nations to pledge a portion of their stimulus packages to stem the mounting crisis in poor countries, the Washington Post reports. Some 500,000 jobs in India vanished last fall, as did Eastern Europe's recently acquired investment fortunes.

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"We need to react in real time to a growing crisis that is hurting people in developing countries," said the World Bank's president. Immediate action is needed by governments and multilateral lenders "to avoid social and political unrest." (Read more recession stories.)

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