World now in grip of 'Great Recession' warns IMF

The world is mired in what future generations may dub the "Great Recession", the head of the International Monetary Fund has declared, in the face of a flurry of negative economic news.
The global economy faces a contraction in overall gross domestic product for the first time since the Second World War, said Dominique Strauss-Kahn. His warning came as:

• Britain's leading economic forecaster, the National Institute for Economic and Social Research, said the UK economy has given up more than two years' worth of expansion, sliding back to the same size it was in summer 2006. It added that the recession had deepened in the first quarter of the year.
China slid into deflation for the first time in the crisis, underlining the fact that Western nations' reliance on Chinese growth in the recession may be futile.
• Evidence emerged of an industrial production collapse across Europe, while the Irish central bank chief predicted his economy would shrink by a staggering 6pc this year.
• Eastern Europe's problems intensified, with the European Union pledging its readiness to give money to Romania and experts warning that Serbia's economy will shrink by 3pc unless it is bailed out by the IMF.
Mr Strauss-Kahn said that the Fund was poised to cut its forecast for 2009 global economic growth from the paltry 0.5pc expansion it predicted in January, saying a negative figure was now more likely.

"Since then the news hasn't been good," he said. "I think that we can now say that we've entered a Great Recession. This recession may last a long time unless the policies we're expecting are put in place, in which case 2010 can be a year of return to growth."
The world economy has not shrunk since 1945 because usually the contraction in recession countries has been balanced out by economic growth from elsewhere. However, the IMF chief said this recession was unusual for its breadth and ferocity. "The IMF expects global growth to slow below zero this year, the worst performance in most of our lifetimes," he said. "Continued deleveraging by world financial institutions, combined with a collapse in consumer and business confidence is depressing domestic demand across the globe, while world trade is falling at an alarming rate and commodity prices have tumbled."
The warning comes only days ahead of the G20 leading economies finance summit, which takes place this weekend. Ministers, including Chancellor Alistair Darling and US Treasury Secretary Tim Geithner, are due to meet to discuss a concerted response to the latest stages of the economic crisis.

NIESR said it had calculated that in the three months to the end of February Britain's economy shrank by 1.8pc. This is steeper than the official contraction of 1.5pc recorded by the ONS in the final quarter of 2009 and means the economy is now back to the same level it was in August 2006.

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