Advanced economies to shrink for the first time since WWII
Gloomy forecasts from the IMF today: Developed economies will shrink by 0.3 percent next year, the first collective contraction since 1945. More analysis from the WSJ’s economics blog: The U.S. forecast was cut to 1.4% growth this year and a 0.7% contraction in 2009, down from last month’s estimates for growth rates of 1.6% in ...
Gloomy forecasts from the IMF today: Developed economies will shrink by 0.3 percent next year, the first collective contraction since 1945.
Gloomy forecasts from the IMF today: Developed economies will shrink by 0.3 percent next year, the first collective contraction since 1945.
More analysis from the WSJ’s economics blog:
The U.S. forecast was cut to 1.4% growth this year and a 0.7% contraction in 2009, down from last month’s estimates for growth rates of 1.6% in 2008 and 0.1% in 2009.
The euro area is expected to grow 1.2% this year and contract 0.5% next, compared with the previous forecast for growth of 1.3% in 2008 and 0.2% in 2009.
Japan’s estimate was trimmed to 0.5% growth this year and a 0.2% contraction next, compared with the previous estimate for growth of 0.7% in 2008 and 0.5% in 2009.
Forecasts for emerging and developing economies were adjusted even more sharply, with the 2008 growth estimate falling to 6.6% from 6.9% and the 2009 forecast dropping to 5.1% from 6.1%.
More from Foreign Policy

Chinese Hospitals Are Housing Another Deadly Outbreak
Authorities are covering up the spread of antibiotic-resistant pneumonia.

Henry Kissinger, Colossus on the World Stage
The late statesman was a master of realpolitik—whom some regarded as a war criminal.

The West’s False Choice in Ukraine
The crossroads is not between war and compromise, but between victory and defeat.

The Masterminds
Washington wants to get tough on China, and the leaders of the House China Committee are in the driver’s seat.