IMF: World Economy To Grow At 4.8% in 2008
According to the IMF's most recent "World Economic Outlook," the global economy is projected to grow by 5.2% in 2007 and 4.8% in 2008. The IMF's forecast for economic growth in the U.S. is 1.9% this year. The expected world real GDP growth of 4.8% in 2008, is just slightly below the average, annual growth of 4.9% since 2003, suggesting a continuation of the very strong record of 5% world GDP growth in the last five years, compared to world growth closer to 4% in the 1990s.
The map above (click to enlarge) from IMF's Data Mapper shows the IMF's projected real GDP growth rates by country for 2008. Healthy economic growth of between 3-10% is projected for most of the developing economies and emerging markets (10% growth in China, 8.4% in India, 6.5% in Russia, etc.), which could help support a weak U.S. economy and prevent a recession here?
(HT for map: Fancy Plaid Pants)
3 Comments:
Nice to see some growth in Africa.
Commodity prices for agricultural produce are apparently also benefitting farmers in sub-Saharan african countries.
I agree, it's nice to see growth in Africa. But do they really expect Sudan to grow by 10% or more?
Sudan, Angola, and other "newly-oiled" countries are expected to have high overall GDP growth rates because they are coming from a very low base and of course due to new oil production itself, as well as related activities (such as China-financed infrastructure).
I hate the radical overuse of GINI since the relevant measure in my mind is absolute poverty, not relative wealth. However in countries like Sudan, Angola, and Equatorial Guinea, GINI will point out that while these countries may be getting wealthier overall (or even wealthy in the case of Equatorial Guinea), the vast bulk of their citizens are, and will likely remain, dirt poor.
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