Global financial crisis 'will affect Aussies'

Although Australia has remained relatively strong since the last severe economic downturn, the World Bank has warned that the next major dip would "spare no-one".

Speaking to the Herald Sun, global macroeconomics manager at the World Bank Andrew Burns said that the entire world could be thrown into a recession that is worse than the one in 2008.

With this in mind, many Aussies may fear for their job security and would be wise to boost their savings accounts as much as they feasibly can in 2012.

This is especially the case when considering that the latest report on unemployment conducted by the Australian Bureau of Statistics showed that job opportunities declined in December 2011.

"The world has entered a very difficult phase characterised by significant downside risks and fragility," Mr Burns was quoted as saying.

Despite this, Commsec chief economist Craig James suggested that the World Bank's outlook was perhaps too gloomy, as the Australian economy has made a relatively positive start to 2012.

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