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IMF: Global Economy Beginning Recovery, Canada Growth Will Double U.S. Next Year

Location Canada News Desk (07/09/2009)
The global economy is beginning to pull out of the recession, according to the International Monetary Fund (IMF), but recovery will be slow. In its latest World Economic Outlook Update, the IMF is projecting higher growth during this year and next, with an expectation of 2.5 percent growth worldwide in 2010, 0.5 percent higher than the group's prediction in April of this year. "The world economy is stabilizing, helped by unprecedented macroeconomic and financial policy support," says the IMF in its update. "However, the recession is not over and the recovery is likely to be sluggish." The IMF says the Canadian economy will shrink by 2.3 percent for the remainder of 2009 but will grow 1.6 percent in 2010; this is 0.4 percent higher than the forecast three months ago and is twice next year's projected economic growth in the United States. The IMF, which has 185 member nations, monitors the global economy and provides financial assistance to countries in financial distress.