World economy

A mixed outlook

IN ITS recent semi-annual World Economic Outlook, the International Monetary Fund sees few silver linings in the storm clouds gathering over the world's richest economies. The world economy as a whole is expected to grow by 3.7% this year, well down on the fund's last estimate in January of 4.2%. America is expected to enter a mild recession this year—its growth forecast has been cut from 1.5% to just 0.5%. The prospects for Spain, Canada and Italy are also gloomy. But the forecast is sunnier for the developing world, whose economies are predicted to grow by 6.7% in 2008, led by China and India.

AP