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Old Jul 10th 2009, 10:01 AM
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Default IMF Report on World Economy

Here's an IMF report on the state of the world economy and GDP predictions for 2010.

It does seem to be notable that the US, which was 'ground zero' for the real estate implosion is projected to recover much faster than European countries. Germany in particular is looking like the developed world's worse economy in 2010. (Canada is predicted to have the strongest economy in 2010).

Lots of ugly data there showing the severity of this recession around the world.

Quote:
The global economy is beginning to pull out of a recession unprecedented in the post–World War II era, but stabilization is uneven and the recovery is expected to be sluggish. Economic growth during 2009–10 is now projected to be about ˝ percentage points higher than projected in the April 2009 World Economic Outlook (WEO), reaching 2.5 percent in 2010. Financial conditions have improved more than expected, owing mainly to public intervention, and recent data suggest that the rate of decline in economic activity is moderating, although to varying degrees among regions. Despite these positive signs, the global recession is not over, and the recovery is still expected to be slow, as financial systems remain impaired, support from public policies will gradually diminish, and households in countries that suffered asset price busts will rebuild savings. The main policy priority remains restoring financial sector health. Macroeconomic policies need to stay supportive, while preparing the ground for an orderly unwinding of extraordinary levels of public intervention. At the same time, given weak internal demand prospects in a number of current account deficit countries, including the United States, policies need to sustain stronger demand in key surplus countries.
Source-IMF
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