Business News
World beginning to pull out of recession, IMF says
Jul 8, 2009, 13:06 GMT
Washington - The world is beginning to pull out of its first recession since World War II, the International Monetary Fund said Wednesday.
In an updated economic forecast, the IMF said the global economy was already stabilizing and the recession would come to an end in the second half of this year.
The report marked the first time the IMF has sounded a more positive note since the financial crisis struck in October.
The world economy will shrink 1.4 per cent this year but grow by 2.5 per cent in 2010, the IMF said. That compares to an April forecast of a 1.3-per-cent contraction in 2009 and growth of 1.9 per cent next year.
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