World Economic Growth Slowest Since WWII
The world economy this year is likely to grow at a rate of only 0.5 percent, according to the International Monetary Fund, which re-evaluated its figures after the U.K. officially entered into recession last week. The growth rate, as projected, is the lowest in more than 60 years.
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World economic growth is set to fall to just 0.5% this year, its lowest rate since World War II, warns the International Monetary Fund (IMF).
In October, the IMF had predicted world output would increase by 2.2% in 2009.
It now projects the UK, which recently entered recession, will see its economy shrink by 2.8% next year, the worst contraction among advanced nations.
The IMF says financial markets remain under stress and the global economy has taken a “sharp turn for the worse”.
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