The global recession is over, the International Monetary Fund said today, revising its economic forecasts in response to Asian growth and more than $2 trillion in stimulus packages worldwide. The IMF now says the world economy is growing and will expand by 3.1% in 2010, with China growing at a 9% clip and the US at 1.5%. Nevertheless, the institution warned that growth will be "sluggish, credit-constrained and, for quite some time, jobless."
"The recovery has started, meaning in most countries growth is coming back. Nevertheless the crisis is not over," the IMF's managing director said today. He added that while a double-dip recession remains "possible," it's less likely than previously thought.