The Global economy is finally recovering from the deepest recession since the war, the International Monetary Fund declared yesterday. IMF chief economist Oliver Blanchard said world leaders must now focus on ways of sustaining the tentative rebound that is underway. 'The recovery had started. Sustaining it will require rebalancing acts, both within and across countries, but there are still deep scars' he wrote.
The assessment comes after official figures showed Germany, France and Japan emerged from recession in the second quarter of the year.
Yesterday Chancellor Alistair Darling insisted Britain would not be far behind the growth resuming later this year.
The IMF's most recent forecast suggest that global gross domestic product will fall 1.4% this year before rising 2.5% in 2010. Its outlook for Britain is far less optimistic, however. Output here could drop 4.2% this year and rebound just 0.2% next year, according to July estimates.
The fund is due to update those figures in the coming weeks.
Source. www.dailymail.co.uk
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