It’s even worse than you think

With its broadly supportive view of Ottawa’s economic plan, yesterday’s International Monetary Fund report was reassuring for Canadians. But what if the IMF’s official stance is generally too upbeat? World Bank President Robert Zoellick is now warning that the IMF’s forecast of tepid 0.5 per cent growth in the global economy is too rosy. Zoellick predicts a two percent decline in 2009, which would make this the worst year for the international economy since the 1930s. "So these are dangerous and serious times," he says.

AFP