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IMF lowers global GDP growth forecast

Posted: 30 Jan 2009     Print Version  Bookmark and Share

Keywords:global GDP  recession  emerging economies 

The International Monetary Fund (IMF) has slashed its 2009 global GDP growth forecast for the second time in three months. According to online reports, the IMF reduced the previous estimate from 2.2 per cent to 0.5 per cent—a larger drop than expected.

The downward revision implies that the emerging economies of the world are going to see close low growth and may even dip into recession while the recession in the advanced economies will be more pronounced than previously thought.

In October the IMF was predicting growth of 3.0 per cent with a recessionary trend in the west offset by continued growth in emerging countries such as Brazil, India and China. The IMF is now predicting that world growth in 2010 will pick up to 3 per cent, according to reports.

The IMF revised its forecast for the U.S. economy to a contraction of 1.6 per cent in 2009. This was down from a 0.7 per cent fall although the U.S. economy is expected to grow 1.6 per cent in 2010. The Eurozone forecast has been cut to 2 per cent contraction with 2010 growth now expected to be 0.2 per cent.

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