World Economic Growth: Mixed Picture But No Depression

Through the IMF’s World Economic Outlook, economic growth forecasts for 2008-2009 are expected to deliver mixed results. From the Economist, “The world economy as a whole is expected to grow by 3.7% this year, well down on the fund's last estimate in January of 4.2%. America is expected to enter a mild recession this year—its growth forecast has been cut from 1.5% to just 0.5%. The prospects for Spain, Canada and Italy are also gloomy. But the forecast is sunnier for the developing world, whose economies are predicted to grow by 6.7% in 2008, led by China and India.”

courtesy of the Economist

So despite signs the US housing slowdown seems slowly spreading to the world compounded by continuing indications of credit strains, hopefully these projections are right…no global depression ahead.