Little appears rosy in the global economy as Group of 20 leaders gather in London on Thursday. While normally there are exceptions to the general rule, bright spots are almost impossible to find. The financial crisis has morphed into a severe global recession and it is poised to become the worst downturn since the second world war.
Lehman Brothers’ collapse in September sparked a spectacular slump in confidence, leaving economic forecasters struggling to keep up with the unfolding disaster. The International Monetary Fund has produced three forecasts since the beginning of October, each much more negative than the last.
