Warning For Ireland From IMF

11 October 2012 11:00am - Which Way to Pay

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Warning For Ireland From IMF

The International Monetary Fund downgraded its expectations for growth in the world economy to 3.3% this year down from a 3.5% estimate seen in July. The agency forecasted the global economy will grow by 3.6% in 2013, again down from a July prediction of 3.9% and an April forecast of 4.1%. The IMF said the reason for the downgrades were because of weak growth and fears of recession in some advanced economies which will further affect emerging economies as global trade looks set to slow. Olivier Blanchard, Chief Economist of the IMF said, “Low growth and uncertainty in advanced economies are affecting emerging market and developing economies through both trade and financial channels, adding to homegrown weakness.”

In Europe, the struggle to find a convincing solution to the sovereign debt crisis continues to make slow progress. For Ireland, perhaps the only small consolation in the IMF’s latest report on global economic prospects is the relatively benign growth outlook for the domestic economy; better at least than any of the other euro zone countries that are in bailout situations, and better too than the euro zone average. Where Greece’s economy will contract by 6% of GDP this year and the euro zone by 0.4%, the IMF forecasts the Irish economy will grow by 0.4 per cent and is credited with making a “bumpy recovery”.

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Related Links:
• IMF
World Economic Outlook

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