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Friday 24th of April 2009
April 22, 2009

IMF predicting ‘brutal slump’


by Kay Murchie
”IMF

The International Monetary Fund (IMF) has dealt a blow today by announcing that the global economy is set to decline by 1.3% in 2009.

Back in January, the IMF predicted that world output would increase by 0.5% in 2009.

In the UK, the IMF is forecasting a “quite severe recession” and that the economy will contract by 4.1% in 2009, and by a further 0.4% next year, dashing any hopes of a recovery for next year.

Worryingly, the IMF is predicting that UK unemployment will rise from its current 6.7% to 9.2% by the end of 2010.

Meanwhile, the IMF warned that major economies such as Germany, Japan and Italy will shrink in 2009, declining by 5.6%, 6.2% and 4.4% respectively.

Advanced economies will not fare any better next year, with an overall forecast of zero growth.

According to the IMF, if Government spending increases, the recession will be less severe.

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Story link: IMF predicting ‘brutal slump’


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