Thfire.com – iNews

The big build-up by the country politicians across the globe, “that the recession is over and the recovery is on”  has now been demolished by the statement given by world bank.

World Bank reports that the worst ever slump in economy is about to happen this year and to an extend in next year. This reports will surely bring the worst fear of every business person across the world to a great fear.

The world bank announces that the decrease in economy will fall to 3% this year, more that the 1.75% drop which it predicted last year.”Most developing country economies will contract this year and face increasingly bleak prospects,” World Bank president Robert Zoellick said.

This reports goes on to add that ,this year may be the first recession since the World War II.

Till today people from all over the world has been hit very bad on the living thanks to the Recession last year.This dreadful period still continues leaving every company on its verge of dismissal from the markets.

No company has standed to this recession except gaming industry which continues to earn millions. And now the nightmare of recession has hit the richest members of UK causing them huge loss to their money.

According to the Sunday Times Rich List, Uk richest members were hit much harder during the economic downfall last year.

The UK top 1000 rich people has a sum of £258bn among themselves which is nearly 45% down then the last year’s £413bn. And to add to this, the number of billionairs of the country has been fallen from 75 to 43.

Indian steel tycoon Lakshmi Mittal, and family, are top again with £10.8bn, down a huge 61% from 2008.The critics and top business people reckons that this is the worst decrease in UK’s history of 30 years.

It is said that none are resistant to this recession and every one are immune to this. But analystics predict that the worst phase of the recession was on the october to december period of 2008 and the markets is better at January to March period of 2009.

If this is true, then it indicates the recovery. But the recovery cannot be seen as an improvement for nine months period of time. It is predicted to be a slow recovery.