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UK recession likely to be the most severe in the world.

The UK Economy will shrink the most of any developed country, the International Monetary Fund said yesterday, predicting the slowest global growth since the Second World War.
The UK?s output will shrink by 2.8% in 2009, the IMF predicted. Globally, growth of just half a percent is expected, the slowest rate of global growth since the Second World War ? and the organization said the outlook remains highly uncertain.

The IMF now expects output in the advanced economies to contract by 2% in 2009 – the first annual contraction during the postwar period, with a cumulative output loss comparable to the 1974-75 and 1980-82 periods, according to its latest World Economic Outlook update.

Assuming more comprehensive and coordinated financial policy actions that support a gradual return to normality, as well as sizable financial support for business and large interest rate cuts in many advanced economies, output is expected to start recovering in late 2009 and rise by about 1% in 2010.

Stabilisation in the US housing market should help underpin recovery during this period, the report said.

But the IMF said the world?s governments need to do more to tackle the downturn and need to do it in a co-coordinated way. It warned that unless something is done fast, growth could slow even further.

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