“The world economy has entered a dangerous period. Some of the financial turmoil in Europe has spread to developing and other high-income countries, which until earlier had been unaffected. This contagion has pushed up borrowing costs in many parts of the world, and pushed down stock markets, while capital flows to developing countries have fallen sharply.” This quotation did not come from one of the numerous financial collapse blogs which populate the internet. It was the opening statement of the ‘Global Economic Prospects: Uncertainties and Vulnerabilities’, report published in January by the World Bank. Continue reading →