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IMF Predicts Global Recession for 2009, Revises U.S. Forecast Downward

In an update to its World Economic Outlook report issued in October, the International Monetary Fund (IMF) says it expects advanced global economies to contract 0.3 percent on a full-year basis in 2009, the first decline of its kind since World War II. In a statement, the organization says, "Prospects for global growth have deteriorated over the past month, as financial sector deleveraging has continued and producer and consumer confidence have fallen." At the same time, the IMF has lowered its forecast for the United States from 0.1 percent growth to 0.7 percent contraction for 2009. The group also revised its overall global prediction for next year from 3.0 percent growth to 2.2 percent growth.

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