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World economic outlook from the IMF: just how bad will things get?

The International Monetary Fund has just revised its predictions for the world’s economies. See what the data says
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The world economy has deteriorated sharply in the last six months as
the eurozone crisis dragged down the global recovery, according to the
latest predictions from the International Monetary Fund.

The IMF slashed its forecasts for economic growth in its new World
Economic Outlook, released today. It now expects the
eurozone to shrink during 2012, and warned that the eurozone crisis
will drag down growth in other nations too.

The data shows the effect of fiscal austerity – Italy is expected to
suffer a 2.2% contraction in 2012, while Spain is tipped to shrink by
1.7%. That means that total euro area GDP will fall by 0.5% this year
- down from a previous forecast of 1.1% growth.

The UK’s growth forecast was cut back sharply for 2012, to just 0.6%
from 1.6% in the IMF’s last forecast.

Just one country or region avoided having its economic forecast for
2012 cut. The IMF still believes America’s GDP will grow by 1.8% this
year. The US has prioritised economic stimulus measures over fiscal
cutbacks – following the deal that will allow its national debt to
grow into the next presidential term.

However the developing world and the high-growth Asian economies will continue to outpace the advanced economies of Europe, Japan and the US as the power balance shifts inexorably.

The IMF also predicts the strength of international currencies over the next few years. It shows the interest rate that banks charge each other to borrow euros will remain worryingly high.

We’ve extracted the key data from the report below. What can you do with it?

Data summary

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