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World starting to pull out of recession: IMF

This article was posted on Jul 9, 2009 and is filed under Press Releases

WASHINGTON: The International Monetary Fund on Wednesday projected stronger growth in the global economy in 2010, but said recovery from the worst recession since World War II would be sluggish.

The IMF raised its 2010 global growth forecast to 2.5 percent, an improvement of 0.6 point from its April forecast. The updated IMF forecast was marginally worse for 2009, showing a contraction of 1.4 percent across the global economy.

“The global economy is beginning to pull out of a recession unprecedented in the post-World War II era, but stabilization is uneven and the recovery is expected to be sluggish,” the IMF said in an update to its semiannual World Economic Outlook (WEO).

“Financial conditions have improved more than expected, owing mainly to public intervention, and recent data suggest that the rate of decline in economic activity is moderating, although to varying degrees among regions.

“Despite these positive signs, the global recession is not over, and the recovery is still expected to be slow, as financial systems remain impaired, support from public policies will gradually diminish, and households in countries that suffered asset price busts will rebuild savings.”

source: Economic times

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