The global economic outlook has deteriorated sharply over the last two months. Many economists are now predicting the worst global recession since the 1970s. In its World Economic Outlook, published in early October, the IMF forecast global growth of 3.9 per cent in 2008, and of 3.0 per cent in 2009.
The IMF has since revised its forecast for global growth downwards to 3.7 per cent for 2008, and 2.2 per cent for 2009. Notably, advanced economies, as a group, are projected to contract by 0.3 per cent in 2009.