Time for some global Ramen

clipped from news.bbc.co.uk

‘Deeper’ recession ahead says IMF



By Steve Schifferes


Economics reporter, BBC News

IMF forecasts
The global economy is set to decline by 1.3% in 2009, in the first global recession since World War II, the International Monetary Fund (IMF) says.

IMF Chief economist, Olivier Blanchard, says some countries face ‘serious balance of payment problems’

The IMF says this represents “by far the deepest post-World War II recession” with an actual decline in output in countries making up 75% of the world economy.

The prospects for world trade are even gloomier, with the IMF now forecasting world trade volumes to decline by 11% in 2009, and barely grow at all in 2010.

It is predicting that UK unemployment will rise to 9.2% by the end of 2010, compared to 6.7% at the moment.

Japanese stock market trader

The IMF says it is important to take urgent action to shore up the banks, and to continue with short-term fiscal stimulus plans, in order to shorten the length of the recession.

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