- Published: Monday, 02 November 2015 04:39
- Written by Rob Sewell
The International Monetary Fund has been forced, not only to repeatedly downgrade its growth forecasts, but to now predict a fall in World GDP in dollar terms, the first since 2009. This is a reflection of the crisis-ridden world we are in.
The IMF economists have been repeatedly forced to eat their words as the world economy, supposedly in its seventh year of “recovery”, has leaned from one crisis to another. The world slump of 2008-9 was a defining moment. It ushered in a protracted crisis, described by Lawrence Summers, the former US Treasury Secretary, as “secular stagnation”.