Global growth to contract for first time since World War II

August 13th, 2009 World Fuel Services gets $104.5M contractWASHINGTON — World Fuel Services Corp., which sells vehicle, aircraft and marine fuels, received a $104.5 million contract from the Defense Logistics Agency to provide aviation fuel, the Pentagon said late Thursday. Work on this contract is expected to be completed by August 2010, according to the government notice.

August 12th, 2009 Goodyear, Steelworkers extend contract 2nd timeAKRON, Ohio — For the second time, the Goodyear Tire & Rubber Co. and the United Steelworkers of America have extended their national contract, this time until Aug.

July 8th, 2009 WASHINGTON - The world is beginning to pull out of its first recession since World War II, the International Monetary Fund said Wednesday. In an updated economic forecast, the IMF said the global economy was already stabilising, the financial crisis has eased and the recession will end in the second half of this year.

June 22nd, 2009 WASHINGTON - Warning that the world is entering an era of slower growth, the World Bank Monday said that without India and China, the developing countries' output would shrink 1.6 percent. But with the two Asian engines of growth included, developing countries are expected to grow by only 1.2 percent this year, after 8.1 percent growth in 2007 and 5.9 percent growth in 2008.

June 12th, 2009 WASHINGTON - The World Bank estimates the global economy will contract in 2009 by "close to three percent", a far bleaker assessment than its March estimate of a 1.7 percent contraction. But the International Monetary Fund (IMF) differed, predicting a global recovery in 2010 may expand at a 2.4 percent clip.

May 11th, 2009 LUDHIANA - Prime Minister Manmohan Singh Monday said it was 'creditable' that the United Progressive Alliance (UPA) government had been able to sustain the country's growth despite the global economic slowdown. 'Despite recession, our growth rate is the second highest in the world.

April 22nd, 2009 WASHINGTON - With the world in the grip of the most severe recession since World War II, the global economy is projected to shrink by 1.3 percent in 2009, with a slow recovery expected next year, according to the International Monetary Fund (IMF). While the rate of contraction should moderate from the second quarter of 2009 onward, output per capita is projected to decline in countries representing three-quarters of the global economy, the IMF said in its April World Economic Outlook (WEO).

April 5th, 2009 DHAKA - Bangladesh's finance minister has rejected World Bank's forecast of its economy in the wake of global downturn and economists here insist that the economy was poised for a higher growth at 5.5 percent of the Gross Domestic Product (GDP). 'I do not accept it,' said Finance Minister A.M.A.

March 31st, 2009 WASHINGTON - As the global economy deteriorates sharply, the World Bank has projected a slower 4 percent growth for India in 2009, down from 5.5 percent in 2008, before picking up speed to reach 7 percent in 2010. World Bank estimates released Tuesday have reduced its November 2008 projection of 5.8 percent growth for India in 2009 rising to 7.7 percent in 2010.

March 20th, 2009 WASHINGTON - Despite major stimulus packages announced by advanced economies and several emerging markets, including India, the world economy is set to contract for the first time in 60 years, the International Monetary Fund (IMF) said Thursday. Trade volumes have shrunk rapidly, while production and employment data suggesting that global activity continues to contract in the first quarter of 2009, the IMF said in a new assessment of the global economy.

March 18th, 2009 BEIJING - The World Bank (WB) has cut its forecast for China's 2009 economic growth yet again, this time to 6.5 percent from 7.5 percent, it said here Wednesday. This is the second cut the WB has made for China's 2009 gross domestic product (GDP) growth forecast.

January 28th, 2009 NEW DELHI - The Economist Intelligence Unit (EIU) has predicted a 5.6 percent economic growth for India, much lower than the 7 percent expansion forecast by the government and policymakers. 'We expect India's GDP (gross domestic product) to grow by only 5.6 percent in 2008-09, compared to 9 percent last year,' said Manoj Vohra, director of research at EIU, a think tank of the Economist Group.

January 28th, 2009 WASHINGTON - The International Monetary Fund (IMF) has lowered India and China's growth projections for 2009 to 5 percent and 6.75 percent respectively as it forecast world growth falling to its lowest level since World War II. 'We now expect the global economy to come to a virtual halt,' said IMF Chief Economist Olivier Blanchard as IMF Wednesday released an Update to its World Economic Outlook together with an update to its Global Financial Stability Report.

January 27th, 2009 WASHINGTON - The world economy will grow by only 0.5 percent in 2009, the worst rate since end of World War II, as industrial nations battle a severe recession that is dragging developing countries down with them, the International Monetary Fund said Wednesday as it slashed its global economic forecasts. Wealthy nations will experience their worst recession in the post-war period, contracting 2 percent in 2009 despite massive fiscal stimulus packages planned by most of the world's richest countries.

January 7th, 2009 CHENNAI - Prime Minister Manmohan Singh Thursday said the Indian economy will expand by seven percent this fiscal and remain among the fastest growing in the world, as its fundamentals remained strong despite the global meltdown. 'Despite the global economic downturn, the fundamentals of our economy continue to be strong,' the prime minister told delegates to the seventh edition of the Pravasi Bharatiya Divas - the country's annual conclave to connect with its diaspora.