The International Monetary Fund’s July World Economic Outlook report portrays the world economy shrinking in 2009 by 1.4% and growing though not strongly at 2.5% in 2010. This both reflects and buttresses a widely held view that at global level and in some countries and regions, the end of the worst of the recession is occurring or is in sight but that recovery will not be strong or quick enough to take this year’s overall economic results into the realm of growth. Moreover, some of the sharp variations in IMF projections from one quarter to the next, on which I commented in my 24 April post, have flattened out and there seems greater to be greater consistency, confidence and certainty than before. But underneath, a plethora of uncertainties remain. Continue reading
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