IMF Gets Bearish on Global Growth
http://www.usfunds.com/franktalk/
It’s official from the IMF: October was a rough month.
So rough, in fact, that the agency has trimmed its world growth forecast by 25 percent from just a month ago.
The International Monetary Fund is now forecasting a 2.2 percent global growth rate for 2009, down from 3.75 percent in 2008. In October, its prediction was around 3 percent.
Emerging markets are expected to see the strongest contractions—about 1 percent on average. But even so, most should see growth rates around 5 percent or even higher.
Commodity exporters like Brazil were marked down the most, while China suffered less of a revision because of improved trade terms and easing macroeconomic policy.
That’s the bad news. The good news is the forecast stresses the importance of more macro moves.
Overview of the World Economic Outlook Projections
World Output Year Over Year Projections
2008 2009
United States 1.4 -0.7
Euro Area 1.2 -0.5
Japan 0.5 -0.2
Russia 6.8 3.5
China 9.7 8.5
India 7.8 6.3
Middle East 6.1 5.3
Brazil 5.2 3.0
“Monetary policy may not be enough because monetary easing may be less effective in the face of difficult financial conditions and deleveraging,” the IMF says. “Fiscal stimulus can be effective if it is well targeted, supported by accommodative monetary policy, and implemented in countries that have fiscal space.”
* The novelist George Eliot once said that "it is never too late to become what you might have been." That quote inspires me to seek those investments in the future that I didn't in the past.
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