IMF: Global economy expanding

Friday 2nd October 2009

The International Monetary Fund (IMF) has announced the global economy is expanding once again.

The latest World Economic Outlook suggests the world is emerging from the devastating recession, but warns the pace of recovery will still be slow.

A number of leading economies, including Germany and Japan, have already announced they have now left recession.

Britain, however, has yet to officially leave its worst economic crisis since the second world war and the IMF has said the global recovery is unlikely to have any affect on unemployment for a while.

At present there are almost 2.5 million people out of work in Britain, with analysts predicting it could pass three million by next year.

In its latest outlook, the IMF has also cut the amount banks around the world are expected to lose through bad assets.

Predictions for the amount set to be lost between 2007 and 2010 have been scaled back from $4 trillion to $3.4 trillion.

The forecast for UK economic growth has also been upgraded to 0.9 per cent for next year, while the US economy is forecast to contract 2.7 per cent in 2009 before experiencing 1.5 per cent growth in 2010. ADNFCR-1783-ID-19389510-ADNFCR

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