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IMF suggests worldwide GDP to fall by between 0.5% and 1.5%

The International Monetary Fund (IMF) is alleged to have collated data that shows that the worldwide economy would be shrink by between 0.5% and 1.5% as measured by GDP during 2009. The IMF then sees a gradual recovery in 2010 with the worldwide economy set to improve by between 1% and 2%. So what does this mean for the future?

While the worldwide fall of up to 1.5% in GDP is worrying for the current year it is interesting to see that the IMF has ignored any forecasts of a depression and believes the worldwide economy will grow by up to 2% next year. More specific figures released confirm expectations that US GDP will fall by 2.6% in 2009 while Japan is set for a massive fall of 5.8% during the current calendar year.

We await the release of the official figures as there have suggestions that the UK economy has been highlighted as one of the weaker of the developed countries in the world and one which is set to feel the after effects of recession after the vast majority of developed economies have improved. This will be a severe blow to Gordon Brown's chances of re-election next year and he may now regret not going to the polls before the worldwide recession really took hold.

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