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We all no doubt feel some relief that 2008 is finally drawing to a close - but this most difficult of years is keeping a sting in its tail: the World Bank has just warned that global GDP growth will decline to a rate of 0.9 percent in 2009. Unquestionably, we are now in the midst of the worst recession since the Great Depression of the 1930s. And things may get worse. In the United States, the Senate has just rejected a $15 billion bailout of the auto industry, plunging the economy and the markets into more uncertainty.
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