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June 23rd, 2009

Stocks Take Worst Hit in Two Months

(Lee Siler) - Markets got wacked yesterday, as the economic outlook for 2009 and 2010 was grimmer than initially expected. The World Bank, a government funded lender to poor countries, said the global economy will contract 2.9% this year. That's much worse than the 1.7% previous projected. The World Bank also cut its 2010 outlook to 2% growth versus its previous forecast of 2.3% for 2010. Also in the news, which shouldn't be a surprise, the government announced that they see unemployment getting to 10%. This was widely predicted, but finally confirmed.

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