The chart below from Thomas Berner, Chief U.S. Economist at UBS (hat tip to Barry Ritholtz), shows the GDP hole the world economy is yet to climb out of.
Whether you're bullish or bearish on the world economy, it's clear from this chart that a smooth v-shaped bounce-back in world GDP is far from a sure thing.
This may be why the World Bank said in June that although they expect global economic growth to continue to strengthen in the next few years -- especially among developing countries -- the European crisis has added a great deal of uncertainty.
Developing countries, the World Bank projects, should have growth rates around 6 percent in the medium term. "High-income countries growth will accelerate from about 2-2.3 percent in 2010 to between 2.3 and 2.7 percent in 2012," the agency notes.
If that's true, then this chart could start to change dramatically.
Check out the CHART OF THE DAY below: