The global economy is much weaker than believed just months ago, and growth will pick up only slightly next year, the International Monetary Fund said on Tuesday.
The IMF lowered its growth forecasts for the global economy to 4.0 percent for 2011 and 2012, saying activity had "weakened significantly," but warned of a return to recession if Western leaders fail to get their economies back on track.
"The evidence points to continued, uneven growth," the IMF said in a twice-yearly outlook report.
And emerging market economies that have been the recovery's driving force, such as China and India, will not escape unscathed from the weakness in the advanced economies, the Washington-based lender said.
Read more: IMF says global slowdown worse than thought http://www.btimes.com.my/Current_News/BTIMES/articles/20110921001303/Article/index_html#ixzz1YY9XXcqD
The IMF lowered its growth forecasts for the global economy to 4.0 percent for 2011 and 2012, saying activity had "weakened significantly," but warned of a return to recession if Western leaders fail to get their economies back on track.
"The evidence points to continued, uneven growth," the IMF said in a twice-yearly outlook report.
And emerging market economies that have been the recovery's driving force, such as China and India, will not escape unscathed from the weakness in the advanced economies, the Washington-based lender said.
Read more: IMF says global slowdown worse than thought http://www.btimes.com.my/Current_News/BTIMES/articles/20110921001303/Article/index_html#ixzz1YY9XXcqD
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