On 24 January 2012, the IMF cut its forecasts for global growth and warned of a deeper downturn worldwide if Europe does not take stronger action to stem its debt crisis. The global economy will now expand 3.3% y-o-y in 2012, down from 3.8% in 2011 (IMF's September forecast estimated a growth of 4.0% y-o-y in 2012), and warned that that it could drop as low as 1.3% y-o-y if Europe's problems persist.
Press Release
February 3, 2012
03 February 2012 Slower global growth in 2012
On 24 January 2012, the IMF cut its forecasts for global growth and warned of a deeper downturn worldwide if Europe does not take stronger action to stem its debt crisis. The global economy will now expand 3.3% y-o-y in 2012, down from 3.8% in 2011 (IMF's September forecast estimated a growth of 4.0% y-o-y in 2012), and warned that that it could drop as low as 1.3% y-o-y if Europe's problems persist.
