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The report says that after a severe global economic downturn, global economic growth is “turning positive†because of widespread public interventions that support demand and reduce financial market uncertainty and systemic risk. But the recovery process will be slow, as the financial system is still in a state of damage, the support provided by public policies will gradually decrease, and some economies will face high unemployment.
The report predicts that the developed economies will show a weak expansion for most of 2010, and will increase by 1.3% in 2010 after the economy contracted by 3.4% in 2009. Driven by economic growth in China and India, the economies of emerging economies will grow by 1.7% and 5.1% respectively in 2009 and 2010.
In the major developed economies, the report expects the US economy to expand by 1.5% in 2009 after shrinking by 2.7% in 2009; the euro zone economy will grow by 0.3% next year after shrinking 4.2% this year; the UK economy will contract by 4.4% this year. It is expected to grow by 0.9% next year; the Japanese economy will fall by 5.4% this year and by 1.7% next year.
Among the major emerging economies, the report predicts that China's economy will grow by 8.5% and 9.0% respectively this year and next; India's economic growth rate will reach 5.4% and 6.4% this year and next; the Russian economy will shrink by 7.5% this year, next year. It is expected to grow by 1.5%; the Brazilian economy will fall by 0.7% this year and will increase by 3.5% next year.
The International Monetary Fund (IMF) released the "World Economic Outlook Report" on the 1st, predicting that the global economy will grow by 3.1% in 2010 after shrinking by 1.1% in 2009.