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IMF Forecasts 2 Year Downturn |
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_POSTED_BY desik
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Wednesday, 09 April 2008 |
This isnt good news but its important that ordinary people who are facing higher gas, food and energy prices have their experiences of struggling to get by validated anyway. The International Monetary Fund (IMF) forecasts that the world economy will grow much more slowly in the next two years as a result of the credit crunch with
world economic growth slowing to 3.7% in 2008 and 2009, 1.25% lower than growth in 2007.
The downturn will be US led as the IMF believes the US will go into a "mild recession" this year. Growth in the UK will slow sharply to 1.6% in both 2008 and 2009..
The IMF admits that the global downturn might be worse than it is currently predicting, and says that there is a one in four chance of a "global recession" when world growth falls below 3%. "The financial market crisis that erupted in August 2007 has developed into the largest financial shock since the Great Depression," Source BBC
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Last Updated ( Tuesday, 14 July 2009 )
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