The World Bank has cut their global growth projections from 3.4% to 3.0% for 2015. In 2016 they predict global GDP of 3.3% and in 2017 the world bank believes the globe will have a 3.2% annual GDP. In seems plummeting oil prices are great for nations which import and horrific, of course for countries that export.
The IMF has released their World Economic Outlook report and projects unemployment will remain unacceptably high in advanced economies as well as the Middle East and North Africa, an area of unrest. The IMF also warns if the U.S. debt ceiling is not promptly raised, serious damage to the global economy would probably result.
The IMF has significantly lowered economic growth projections for 2012 and 2013. The IMF also predicts a mild recession for Europe in 2012 with the Euro Zone GDP projected to be -0.5% for this year. Below is the IMF chart for new economic output projections.
The OECD member countries global GDP average numbers are out for Q1, 2009 and it ain't pretty. It even beat Q4, 2008 numbers by 0.1%.
Gross domestic product (GDP) in the OECD area fell by 2.1% in the first quarter of 2009, the largest fall since OECD records began in 1960, according to preliminary estimates, and followed a fall of 2.0% of GDP in the previous quarter.
In the United States GDP fell by 1.6% in the first quarter of 2009, the same rate as in the previous quarter. Japan's GDP declined by 4.0%, following a 3.8% decrease in the previous quarter. GDP in the euro area was down 2.5%, following a 1.6% fall in the previous quarter.
Of the Major Seven* countries, only in France, where GDP fell 1.2%, did the rate of contraction ease in the first quarter.
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