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The International Monetary Fund's (IMF) latest World Economic Outlook sharply reduces its forecast for world gross domestic product (GDP) growth to 3% in 2009, whittling it down from the 3.76% predicted in April. A global GDP growth rate of 4.21% is now forecast for 2010, compared with 4.76% earlier.
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The International Monetary Fund's (IMF) latest World Economic Outlook sharply reduces its forecast for world gross domestic product (GDP) growth to 3% in 2009, whittling it down from the 3.76% predicted in April. A global GDP growth rate of 4.21% is now forecast for 2010, compared with 4.76% earlier.
The report says the current crisis is "the most dangerous shock in mature financial markets since the 1930s". It's difficult to see how that squares with the 3% growth rate in world GDP forecast for next year.
In 2001, after the technology bust, the global economy grew by a mere 2.2%. During the recession of the early 1990s, global GDP growth was 1.45% in 1991,Read the rest of article.
