Recession forecast for 2005/6

ALAN PEAT PUBLIC AGENDA reports that the World Bank has forecast a global economic recession in 2005 and 2006, which it says might reduce the economic fortunes of 30 developing countries. Bank reasons for the anticipated downturn include the expected slowdown of investment in the US; the depreciation of the US dollar against the euro and other currencies; an increase in oil prices; mounting debt in the US and pension debt in Europe.