IMF: Global growth outlook downgraded again
Overview:
In its April World Economic Outlook, the IMF has significantly downgraded its outlook for global growth even compared to its January projections. Global growth in 2009 is now seen at -1.3% with a modest recovery of 1.9% seen in 2010. This compares to the previous forecast of 0.5% growth in 2009 and 3.0% growth in 2010. The Advanced Economies fare worst. They are seen to contract by 3.8% this year and register 0.0% growth next year. Emerging market and developing economies are likely to perform modestly better, with growth of 1.6% this year and 4.0% in 2010. Within Emerging Markets, CEE and the CIS are much harder hit than other regions. The former will see a contraction of 3.7% this year and growth of just 0.8% next year, the latter a contraction of 5.1% in 2009 and 1.2% growth in 2010.