The IMF revise their growth forecast for the world in 2009 from 2.2% two months ago to 0.5% now. Growth has virtually stopped. 50 million jobs will be lost globally.
The developed countries will experience major declines. The US economy will contract by 2%, Britain by 2.8% (the worst in the developed world), Japan 2.6%, mainland Europe 1.6% and a group known as "other advanced economies", which includes Australia, 2.4%. China will grow at 6.7% half its rate in 2007. India will grow at 5%.
The volume of world trade will contract by nearly 3%.
In one sense the forecasts are optimistic - there is forecast to be a recovery to 3% world growth in 2010 due to expansionary monetary and fiscal policies around the globe.