Millenium Bug Could Lead to World-Wide Recession

The so-called Y2K ( the name for the computer millenium bug) problem could lead to a world-wide recession.
The Federation of Korean Industries (FKI) released a report with this grim warning on November 2.
FKI also analysed that the costs in solving the Y2K problem would amount to 1~3% of GDP (Gross Domestic Product) in most countries.
According to the report, a computer consulting firm from the U.S., SPR, estimated that it would cost as much 1.635 trillion dollars to solve the Y2K problem in the whole world and in Korea's case as much as 6.733 billion dollars, 1.44% of GDP.
DeutcheBank Securities Co. warned that the Y2K problem will lead to a world-wide recession that could last anywhere from 12 to 24 months, if it is not handled properly.
WEFA, a U.S. economic research institute, recently lowered its U.S. economic growth rate prospect for next year from the previous 2.6% to 2%.