Jan 24, 2013

IMF trims global forecast, but news still good in Asia

A small trimming of the IMF growth forecast was down to the eurozone contracting instead of growing. That hardly justifies the tone of some of the stories. It's a tiny tidying up, the smallest bit of forecasting housekeeping you can have.

Glenn Dyer — <em>Crikey</em> business and media commentator

Glenn Dyer

Crikey business and media commentator

Sometimes reading forecasts from great and virtuous groups such as the International Monetary Fund has to be done with a deal of scepticism — mostly because they are imprecise like all forecasts, but masquerade as something almost Swiss clock-like. Every forecast change, as we received overnight, means the previous prognostication was wrong. But in this case, the start of year update to the IMF’s World Economic Outlook of a cut of 0.1% to its forecasts for this year and next hardly justified the attention it received, especially the concentration on the cuts.


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