22 April 2009 17:19 [Source: ICIS news]
TORONTO (ICIS news)--The International Monetary Fund (IMF) forecast a 5.6% decline in German GDP this year, one of the worst projections so far for Europe’s largest economy, it said on Wednesday.
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Meanwhile, the world economy was expected to shrink by 1.3% this year but grow 1.9% next year, according to the IMF.
For the euro area, the IMF predicted a 4.2% decline in 2009 and a drop of 0.4% in 2010.
The only notable growth economies were
According to separate press reports on Wednesday,
The council is an academic body which advises the German government and parliament on economic policy issues.
Recent forecasts by the OECD and German economic institutes had projected a decline of about 5.0%, with a modest recovery next year.
Juergen Hambrecht, the CEO of chemicals major BASF, told a business journal on Wednesday he did not see a turnaround before mid-to-end 2010.
The country’s chemical production was expected to drop by 3.5% according to a projection by industry group Verband der Chemischen Industrie last month. However, excluding the pharmaceuticals sector, underlying German chemicals production was expected to shrink 5-6% in 2009, VCI said.
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