Remember back when you knew you were in the so-called developed world because the economy was doing better than the so-called developing world? Well times are changing. Today the International Monetary Fund announced that, for the first time since World War II, the world’s developed economies would be shrinking by 0.3 percent in 2009 and America will decline by 0.7 per cent. American unemployment is at a 25-year high. When the globe emerges from this economic shakedown, membership in the “developed” club may have changed dramatically. [via Foreign Policy]
