22 April 2009

Will we really grow by 1.25% in 2010?

The IMF has once again rained on Alistair Darling's parade by claiming that the UK economy will continue to skrink in 2010. The Chancellor of the Exchequer has bullishly claimed that the British economny would recover to growth levels of 1.25% next year.
In its twice-yearly World Economic Outlook, the IMF predicts that
recession in the UK will be "quite severe", with the economy shrinking by
4.1% this year, and continuing to contract, by 0.4%, in 2010. In the budget,
Darling forecast 1.25%
growth in 2010.

The IMF did however acknowledge that Britain will suffer less than Germany and Japan.

The IMF expects Germany's GDP to shrink by 5.6% this year, and Japan's
export-dependent economy,
which has seen industrial production plummet, to contract by a catastrophic 6.2%.
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