How Much More Economic
Pain Is Yet to Come?
The answer: A whole lot more!
In fact, the usually upbeat International Monetary Fund expects things to get much worse.
The IMF dropped its forecast for global economic growth to a measly 0.5% for 2009 — the weakest pace since World War II. What's more, that's a drastic reduction from the 2.2% growth the IMF had predicted as recently as November.
An IMF spokesperson said:
"Unless stronger financial strains and uncertainties are forcefully addressed, the pernicious feedback loop between real activity and financial markets will intensify, leading to even more toxic effects on global growth."
Even China, the economic juggernaut, is rapidly slowing down. Fourth quarter growth fell to 6.8%, barely half the 13% growth the Chinese economy enjoyed in 2007.
See http://Whysilverandgold.blogspot.com
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