The headlines of the major papers over the past few days have been quoting the IMF as another authority to confirm a "great depression","a complete collapse of western economies" etc etc!!
The IMF has not exactly covered itself with glory as an authority about anything. But that aside it has suggested nothing like what the headlines are screaming !!!
If you bother to go and read the report being quoted by the alarmist headline writers you will find this buried in the text...(unknown waters of course for headline writers).
"Activity in the advanced economies is now expected to contract by ¼ percent on an annual basis in 2009, down ¾ percentage points from the October 2008 WEO projections. This would be the first annual contraction during the postwar period, although the downturn is broadly comparable in magnitude to those that occurred in 1975 and 1982. A recovery is projected to begin late in 2009."
Now does that sound like the 1930's economy? pity to spoil a story with accuracy! We are not doomed..Buy !