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IMF: Global Economy Beginning Slow Recovery, 2010 Should Bring Stronger Growth

The global economy is beginning to pull out of the recession, according to the International Monetary Fund (IMF), but recovery will be slow. In its latest World Economic Outlook Update, the IMF is projecting higher growth during this year and next, with an expectation of 2.5 percent growth worldwide in 2010, 0.5 percent higher than the group's prediction in April of this year. "The world economy is stabilizing,  helped by unprecedented macroeconomic and financial policy support," says the IMF in its update. "However, the recession is not over and the recovery is likely to be sluggish." The world's more advanced economies -- including the United States, Japan, and European nations -- are not expected to show sustained growth until the second half of 2010. The IMF says the U.S. economy will shrink by 2.6 percent for the remainder of 2009 but will grow 0.8 percent in 2010; these figures represent improvements over the projections announced three months ago, which suggested a 2.8 percent decline this year and no growth in 2010. China's economy is predicted to grow 7.5 percent this year and 8.5 percent in 2010, while India's economy is expected to grow 5.4 percent this year and 6.5 percent in 2010; these are higher growth projections than those in April. The IMF, which has 185 member nations, monitors the global economy and provides financial assistance to countries in financial distress.

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