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January 16, 2013

U.S. Budget Poses Global Risk, Says World Bank

U.S. budget battles are restraining economic growth around the world, posing a greater risk to the global economy than even a renewed euro-zone crisis, the World Bank said Tuesday.

In new economic forecasts, the bank said it expects the global economy to expand just 2.4% this year, barely better than the weak pace of 2012. The U.S., the world’s largest economy, could fall into recession if federal budget cuts occur as scheduled in early March, while the euro zone’s downturn is expected to continue through the year.

Developing countries, meanwhile, are growing at some of their slowest rates of the past decade.”

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