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Auto manufacturing - Source: ONE News -
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The World Bank says the global economy will shrink this year for the first time since World War II.
The bank is forecasting that by the middle of 2009, industrial output could be as much as 15% lower than 2008.
And trade may record the biggest decline in 80 years - its worst performance since the Great Depression.
"The crisis is with us all, no country escapes from it. It is the most severe of my long lifetime," says Michael Camdessus, former managing director for the International Monetary Fund.
The sharpest losses are expected in east Asia.
Developing countries also face a credit shortfall of $US700 billion.
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