Sunday, March 1, 2009

Globalization in retreat

Walden Bello calls it deglobalisation - the retreat of the process of global integration of goods, capital and jobs. The Economist draws attention to these - IMF predicts global growth of 0.5% in 2009, the worst in 60 years; world trade has plunged; foreign direct investment fell by 21% in 2008 to $1.4 trillion and will contract by another 12-15% in 2009; unemployment is expected to rise by 30m from 2007 levels by the end of the year. The graphic below caputures the mood nicely.

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