Economía marxista para el Siglo XXI

Still crawling way behind

Michael Roberts Blog

The IMF released its half-yearly report on the global economic outlook yesterday, just before its semi-annual meeting.  The IMF reduced again its forecast for global real GDP growth for this year to 2.9%, a cut of 0.3% pts from its July forecast and lowered its forecast for 2014 to 3.6% from its forecast of 3.8% last July.  It summed up the situation for the world capitalist economy in 2013 as “global growth is still weak, its underlying dynamics are changing and the risks to the forecast remain to the downside.”

Not great then.  What the IMF economists meant by ‘changing dynamics’  was that the slowing of growth was mainly in the so-called emerging economies, while there was a small relative pick-up in the advanced capitalist economies.  In particular, the UK economy was now expected to achieve 1.4% real GDP growth this year, sharply up from the IMF’s previous estimate of…

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