The IMF said Tuesday the global economy recession is likely go deeper and will have a slow recovery to stabilization.
The economy is expected to shrink 1.3 percent for 2009; however the IMF expects growth of 1.9 percent for 2010 with strong efforts by policy makers early next year.
“By any measure, this downturn represents by far the deepest global recession since the Great Depression,” the IMF said in its latest World Economic Outlook. “All corners of the globe are being affected.”
Overall, The IMF forecast contractions by 3.8 percent in 2009, with the U.S. economy shrinking by 2.8 percent.
Japan also is expected to suffer the sharpest contraction this year: 6.2 percent, along with Russia's economy would shrink 6 percent, Germany 5.6 percent and Britain 4.1 percent. Mexico's economic activity would contract 3.7 percent and Canada's 2.5 percent.
Emerging and developing economies sees positive growth of 1.6 percent, bouncing back to 4.0 percent next year, reductions of 1.7 percentage point and 1 percentage point respectively from previous forecasts, the IMF said.
China also expects its expansion to slow 6.5 percent this year. And India's growths is likely to slow to 4.5 percent, but among those countries are projected to grow again early next year.
Meanwhile, Sub-Saharan Africa remains positive at 1.7 percent in 2009 and expects recovery up to 3.9 percent by 2010.