2012 began with a stark warning issued by the World Bank. In its six month review of the global economy published in January, the Washington based institution advised governments to make preparations and contingency plans for an economic downturn similar to that experienced in 2008-09. Andrew Burns, the report’s author, stated that an “escalation of the crisis would spare no one”.
The fear of a double dip recession has not abated, with the worsening eurozone crisis increasing concerns around the world. In the twelve years spanning from 2000-12, there occurred the ten largest bankruptcies in world history. These monumental financial events have become key points on the grave road to our current global economic situation.
Intro image courtesy of alles-schlumpf