World Economic outlook - european economic growth projections 2012-2013 : The IMF has significantly lowered economic growth projections for 2012 and 2013. The IMF also predicts a mild recession for Europe in 2012 with the Euro Zone GDP projected to be -0.5% for this year. Below is the IMF chart for new economic output projections.
Italy is projected to have -2.2% 2012 GDP and -1.7% in Spain. The IMF also warned on aggressive austerity harming economies. Much of the slowdown in emerging economies is due to a reduced trade flow. In the World Economic Outlook Update, trade volume is project to drop -2.0% for 2012 and -1.0% for 2013. Advanced economies, which includes Europe, exports are projected to decline -2.8% for 2012. Prices are also expected to drop with a whopping -9.3% decline in non-fuel commodities due to weaker global demand. Oil prices are only expected to dip -1.8% in 2012.
The International Monetary Fund has revised down its 2012 and 2013 global economic growth forecasts in its latest estimates as the crisis hitting the euro zone takes its toll, Italian newswire ANSA said Thursday, without citing its source.
The IMF now estimates that 2012 global gross domestic product will rise 3.3%, down from a previous forecast of 4.0% growth, ANSA said. The estimate for 2013 shows GDP growth of 4.0%, compared with a previously forecast expansion of 4.5%.
The IMF's 2012 GDP growth estimate for the U.S. was left unchanged at 1.8%, while for 2013 it was lowered to 2.2% from 2.5%.
Italy's GDP is forecast to slide 2.2% this year--much worse than that expected by the Italian government and European Commission--while for 2013 the drop is expected to be 0.6%, ANSA reported.
Spain's GDP forecasts were also revised down to a contraction of 1.7% in 2012 and 0.3% in 2013, from growth of 1.1% and 1.8% respectively.
The IMF's German growth forecast was cut to 0.3% in 2012, from 1.3% previously, while the 2013 forecast was left unchanged at 1.5%, ANSA said.
French GDP growth estimates were reduced to 0.2% from 1.4% in 2012, and to 1.0% from 1.9% in 2013; while the U.K.'s growth estimates were revised down to 0.6% from 1.6% in 2012, and to 2.0% from 2.4% in 2013, ANSA said.
The IMF also cut its GDP estimates for the euro zone to a contraction of 0.5% from growth of 1.1% in 2012, while for 2013, GDP growth was cut to 0.8% from 1.5%, the Italian news agency said.
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