Global GDP growth is predicted to fall to 2.2% in 2009 according to the IMF, meeting their definition of a global recession as growth below 3%. Rich countries face their deepest recession since the 1930s, with two successive quarters of falling GDP being the rule of thumb for defining a recession. Emerging economies have a higher trend growth rate than developed countries.

1. Terje Talve EP1

2. Rich countries face their deepest recession since 1930s . Rule of thumb – two successive quarters of falling GDP. According to IMF global growth of less than 3% implied a world recession. On 6th of November IMF predicated that world GDP growth would fall to 2.2% in 2009.

4. Global GDP per head The trend growth rate in emerging economies is higher than in developed ones . IMF’s definition for global recession is GDP growth below 3%