Global GDP

Global Economic Growth in Low Gear Says IMF

The IMF has released their World Economic Outlook report and projects unemployment will remain unacceptably high in advanced economies as well as the Middle East and North Africa, an area of unrest.  The IMF also warns if the U.S. debt ceiling is not promptly raised, serious damage to the global economy would probably result.

OECD Average GDP Fell 2.1%, Q1, 2009

The OECD member countries global GDP average numbers are out for Q1, 2009 and it ain't pretty. It even beat Q4, 2008 numbers by 0.1%.

Gross domestic product (GDP) in the OECD area fell by 2.1% in the first quarter of 2009, the largest fall since OECD records began in 1960, according to preliminary estimates, and followed a fall of 2.0% of GDP in the previous quarter.

In the United States GDP fell by 1.6% in the first quarter of 2009, the same rate as in the previous quarter. Japan's GDP declined by 4.0%, following a 3.8% decrease in the previous quarter. GDP in the euro area was down 2.5%, following a 1.6% fall in the previous quarter.

Of the Major Seven* countries, only in France, where GDP fell 1.2%, did the rate of contraction ease in the first quarter.