This should make Brown bounce even higher?
Britain will suffer more than other countries in global recession, says IMF
By Sam Fleming
http://www.dailymail.co.uk/news/article-1083747/Britain-suffer-countries-global-recession-says-IMF.html
Britain is spiralling into the deepest recession of any leading nation, the International Monetary Fund said last night.
Our economy will plunge into a downturn that is more than ten times steeper than it forecast a month ago, the fund warned.
It said the entire Western world is heading into its biggest slump since the Second World War.
But Britain's collapse will be particularly painful, dwarfing those in the U.S., Germany, France, Spain, Russia, Brazil and six other major economies.
In 2007 the global economy grew 5 per cent. In Britain it was 3 per cent.
But our economy is now expected to contract by 1.3 per cent in 2009, the deepest slump of 13 top economies.
That compares with the IMF's previous prediction of a 0.1 per cent fall a month ago.
Tory Shadow Chancellor George Osborne said: 'It is now official that Britain is going to be the worst affected major economy in the world. The IMF are confirming what we all know: Labour has left Britain the worst prepared country in the G7 for the coming recession.'
The IMF's analysis was contained in an unusual update to its bi-annual World Economic Outlook, which was published only last month.
The fund suggested that no country was proving impervious to the market maelstrom.
Across the world's advanced economies, next year will see the first year of declining output since 1945.
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