Expect First Global Recession in Decades

The world economy is likely to shrink for the first time in decades this year. According to the IMF, the prediction can only be gloomier.

The head of the IMF Dominique Strauss-Kahn, speaking at a conference in Tanzania said that trade was falling at an alarming rate and business and consumer confidence had collapsed.

Africa is already reeling under global negative growth. Decrease in worldwide demand has undermined demand for many industrial commodities, which are important exports for several African countries. Exports including oil in Nigeria, Angola and Equatorial Guinea, and copper in Zambia form a substantial part of the Continent's revenue.

Sub-Zero Growth
For the first in most of our lifetimes we can expect the global growth rate to fall under the zero
The outlook from the World Bank is no less pessimistic. As IMF's sister institution, the WB also expects the global economy to shrink for the first time in decades.