The International Monetary Fund also says there’s a 1-in-4 chance of a global recession. By IMF definition, that would be when worldwide growth is less than 3 percent.
And, if you have a house, you’re either going to be stuck with a cheap house or in foreclosure. The IMF predicts U.S. housing prices are going to fall another 14-20 percent.
The recession, for the full length of the year, will be a 0.7 percent contraction. And recovery will be anemic, the IMF says. Just 0.6 percent growth in the U.S. in 2009.
And, although growth is supposed to be sluggish in the Eurozone, no recession is predicted for this year, and Europe will grow faster than the U.S. next year.
In other words, the world’s largest economy is going to widen its lead.
Something which should be humbling for the next president to consider.
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