By: Eamon Javers
Source: Politico
Treasury Secretary, Timothy Geithner, speaking before the Washington Economic Club on Wednesday said that, the collapse of world trade in the recession will be the worst since World War 11. Drawing on data from the International Monetary Fund, that institution has forecast lost output in the global economy of $3 trillion to 4 trillion in 2009, alone.
“Never before in modern times has so much of the world been simultaneously hit by a confluence of economic and financial turmoil such as we are now living through,” Geithner said.
