Passage 2
With overall global economic growth slowing to a near standstill this year, 2009 will be the most challenging year for economies across the globe since World War II, according to an IMF report released Wednesday.
The IMF, a global economic organization of 185 countries, said economic growth across the world will fall to just 0.5% in 2009 from 3.4% in 2008. Financial markets are expected to remain under stress—despite a cornucopia of credit-easing actions—until investors and consumers gain confidence that policy actions can help improve market conditions.
In advanced countries, including the United States, the euro—zone nations, Japan, Canada and the United Kingdom, gross domestic product is expected to 【shrink】 by 2%. IMF said a vicious cycle of plummeting asset values, decreasing household wealth and sinking consumer demand will result in the first contraction of total advanced economies’ GDP in the post-World War II era.
Even booming and developing economies are feeling the pains of the global recession. China, India, the Middle East and Brazil will grow a combined 3.25% in 2009, down considerably from 6.25% growth last year. Falling export demand, lower commodity prices and financial constraints will lead to the slowdown.
39.What is the full name for the IMF?
IMF stands for International Monetary Fund.
