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Ireland is only bailout country to grow

Tuesday, October 09 08:16:59

Ireland is the only bailout country in the eurozone likely to post any growth this year as we begin a "bumpy recovery", the IMF says in a report on the global economy which is released today. The IMF predicts real gross domestic product will expand 0.4pc this year and 1.4pc next year. That's well below the Government's forecasts and slightly more pessimistic than previous IMF forecasts. The IMF also revises down forecast for global growth and now sees the world economy expanding by just 3.3pc this year and a sluggish 3.6pc next year.

It warned that the slump in world trade will hurt emerging markets, developing countries and the developed world but said the prospects could improve if clouds over the euro area are lifted. The gloomier picture came as the IMF said prospects have deteriorated further and risks have increased. Advanced economies are projected to grow by 1.3pc this year, compared with 1.6pc last year and 3pc in 2010, with public spending cutbacks and the still-weak financial system weighing on prospects