IMF: Global Economy enters dangerous phase
The global economy has entered a "dangerous new phase" of sharply lower growth, according to the International Monetary Fund (IMF). The IMF warned today that continuing political and economic woes in the US and eurozone could force the US and European countries back into recession.
The IMF says the prognosis for economies in the developed world is "weak and bumpy expansion".
It predicts their Gross Domestic Product (GDP) will expand "at an pace of just 1.5% in 2011".
The IMF believes global growth will shrink to 4% in 2012, from 5% last year, on factors such as "major financial turbulence in the eurozone".
It slashed its growth projections for the 17-nation eurozone to 1.6% in 2011, down from 2% predicted in June.
According to the International Monetary Fund, the US - the world’s largest economy - is likely to have weak growth "for years to come".
And the IMF has revised downwards Britian’s economic growth forecast for 2011, from 1.5% to 1.1%, while the forecast for 2012 was cut to 1.6%, from 2.3%.
Source: irib.ir
