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%.