NewsX: The automobile, gems and jewellery and textiles sectors have shed half-a-million jobs in India, with more pain on the way as the world economy shrinks further, says a new World Bank report. With over half-a-million jobs lost in India alone, in recent months, the World Bank predicts that the global economy and global trade will both shrink this year for the first time since World War II. While the global economy is likely to grow at least five percentage points below potential in 2009, world trade is on track to record its largest decline in 80 years -- with the sharpest losses in East Asia. Forecasts show that global industrial production by the middle of 2009 could be as much as 15% lower than levels in 2008, the Bank said in a paper for the March 14 meeting of the Group of 20 finance ministers and central bank governors. Developing countries face a financing shortfall of $270-700 billion this year, as private sector creditors shun emerging markets, and only one quarter of the most vulnerable countries have the resources to prevent a rise in poverty
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