IMF forecasts Global Recession; Advanced economies will have first annual contraction since 1945
Nov 7th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The IMF on Thursday forecast a global recession in 2009 and is urging countries to stimulate their economies in the face of a bigger-than-expected slowdown in the global economy triggered by recent financial turmoil. Advanced economies will experience the first annual contraction since the end of World War II in 1945, although the downturn is broadly comparable in magnitude to those that occurred in 1975 and 1982.