IMF Lowers Expectations for Worldwide Growth for 2012

Europe's ruining everything for everybody AGAIN.

The International Monetary Fund is less optimistic about the world now compared to just four months ago, as they've lowered their prediction of global economic growth for 2012 from four per cent to 3.3 per cent. Any guesses as to who's to blame? (It starts with an "E" and ends with a "urope".) The IMF predicts that the eurozone countries are likely to experience a mild recession this year, meaning the world's developed economies can expect modest growth of around 1.2 per cent this year and 1.9 per cent next year. Italy and Spain are both likely to suffer through rather sharp contractions, with the former's economy likely to shrink by 2.2 per cent, and the latter's by 1.7 per cent. (Meaning it's a great time to take that Mediterranean cruise you've always thought was too expensive.) On the other hand, growth in emerging markets is expected to average at about 5.7 per cent, and Asian markets in particular are expected to grow by 7.5 per cent between 2012-13. China leads everybody with expected growth of 8.2 per cent, but they also don't have YouTube, so ...