World Economy In Severe Recession, IMF Says
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The International Monetary Fund on Wednesday slashed growth forecasts for every major country and urged governments to take forceful action to ensure the world economy’s recovery from a severe recession.
In its latest World Economic Outlook, the IMF said the global economy would likely contract 1.3 percent this year in the deepest post-World War Two recession by far.
Growth is set to re-emerge at a sluggish 1.9 percent next year but the pick-up depends on aggressive measures to repair a poorly functioning financial system.
“The longer this goes on, the longer and the deeper will be the recession,” IMF chief economist Olivier Blanchard told a news conference.
Just three months ago, the IMF had projected global growth of 0.5 percent, although last month it warned of a deep recession.
The Washington-based institution said it revised its forecasts downward because financial markets appear likely to take longer to stabilize than it had thought earlier.
