ZCZCOctober 20th, 2008 - 4:49 pm ICT by ANI
London, Oct.20 (ANI): Emerging economic powerhouses India and China will be most reluctant support the wider global economy during its downturn phase, as Deutsche Bank survey has warned.
The warning comes as world leaders have agreed to hold a Bretton Woods (type) meeting for the 21st century in New York to assess the global economys health.
The Deutsche Bank also warned that major industrialised economies will suffer the worst slump since the 1930s, and added that Britain will be more vulnerable than the United States.
We now expect a major recession for the world economy over the year ahead, with growth in the industrial countries falling to its lowest level since the Great Depression and global growth falling to 1.2pc, its lowest level since the severe downturn of the early 1980s, The Telegraph quoted bank economists Thomas Mayer and Peter Hooper, as saying.
According to the International Monetary Fund (IMF), global growth of anything less than three percent constitutes a world recession.
The New York meeting comes at the initiative of U.S.President George W Bush, French President Nicolas Sarkozy and European Commission President Jose Barroso.
The meeting may take place in the UN headquarters in New York, and the G8, which consists of the US, Japan, Germany, Russia, the UK, France, Italy and Canada, will be joined by others including India and China. (ANI)
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