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Turbulent International Outlook
April 2008
The global economic situation remains uncertain as a result of the prolonged distress in financial markets, a more marked slowdown in the US economy and soaring commodity prices. World economic growth could miss the International Monetary Fund's forecast of 4.1% for 2008, down from 4.9% in 2007. The European Commission anticipates that global growth will fall short of 4% in 2008. The OECD has cut its forecast for growth in 2008 from 2.3% and now expects expansion of ‘less than 2%’ in its 30 member nations. Growth in emerging markets and developing economies is also forecast to ease in 2008, moderating from 7.8% in 2007 to 6.9%.
Source: IBEC News March 2008