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The World Bank is fantastically gloomy about the prospects for the global economy this year:

The World Bank publicly released an update on Thursday [for] 2009, saying it expected the global economy to contract by “close to 3%.” That is sharply worse than the World Bank’s March estimate of a 1.75% contraction. Mr. Zoellick said that while there are signs of an easing of the recession in wealthy countries, developing nations are suffering from a drop in exports, remittances and foreign investment.

….Mr. Zoellick described the global downturn as occurring in “waves.” In the first wave, the financial crisis battered the U.S. and Europe. As markets in wealthy countries dried up, a second wave, hit developing nations. Now a third wave is weakening financial institutions in those countries, which could produce a fourth wave that could further undermine financial institutions in the U.S. and Europe.

Italics mine.  That’s a huge change in just three months.  Zoellick didn’t provide any details about why the Bank’s forecast has plummeted so dramatically since March, but their economists must be seeing some pretty sizeable deteriorations to drive a change this large.

On the bright side, the IMF thinks that the recovery in 2010 will be stronger than they previously thought.  I sure hope so.

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Truth #1: The chaos is the point.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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