India & China to buoy world eco this yr: IMF
The Times of India, January 30, 2009, Page 1
Global Growth to be lowest since WW-II
TIMES INSIGHT GROUP
China and India—the only sizeable economies likely to record growth rates of over 5%—will prevent the world from recording negative growth in 2009, said the International Monetary Fund (IMF) on Wednesday. Even so, at 0.5%, the world economy will register its slowest growth rate since the Second World War.
The IMF’s update to its World Economic Outlook is a sharp downward revision from the 2.2% growth in global output it had projected as recently as November last year. It now estimates the Chinese economy will grow at 6.7% rather than the 8.5% anticipated in November, while the forecast for India has been pared from 6.3% to 5.1%.
The advanced economies are projected to record a 2% decline in output. Ironically, while the US—where the current global crisis originated—will suffer a decline of only 1.6%, the UK will see its economy shrink by 2.8%, Japan by 2.6% and Germany by 2.5%. The Euro area will fare worse with a 2% drop in output in 2009.
For 2010, the Fund foresees an impressive global recovery to 3% growth, with China’s 8% and India’s 6.5% once again leading the way. While the US will bounce back to grow by 1.6%, the Euro area and the UK will grow by 0.2%, and Japan by a somewhat better 0.6%.
The Times of India, January 30, 2009, Page 1
Global Growth to be lowest since WW-II
TIMES INSIGHT GROUP
China and India—the only sizeable economies likely to record growth rates of over 5%—will prevent the world from recording negative growth in 2009, said the International Monetary Fund (IMF) on Wednesday. Even so, at 0.5%, the world economy will register its slowest growth rate since the Second World War.
The IMF’s update to its World Economic Outlook is a sharp downward revision from the 2.2% growth in global output it had projected as recently as November last year. It now estimates the Chinese economy will grow at 6.7% rather than the 8.5% anticipated in November, while the forecast for India has been pared from 6.3% to 5.1%.
The advanced economies are projected to record a 2% decline in output. Ironically, while the US—where the current global crisis originated—will suffer a decline of only 1.6%, the UK will see its economy shrink by 2.8%, Japan by 2.6% and Germany by 2.5%. The Euro area will fare worse with a 2% drop in output in 2009.
For 2010, the Fund foresees an impressive global recovery to 3% growth, with China’s 8% and India’s 6.5% once again leading the way. While the US will bounce back to grow by 1.6%, the Euro area and the UK will grow by 0.2%, and Japan by a somewhat better 0.6%.
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