IMF says major global economic slowdown coming

Not surprisingly the IMF chief economist, Olivier Blanchard, has predicted a major global economic slowdown. That said, he believes emerging and frontier economies are still expected to provide a source of resilience, since they were benefiting from strong productivity growth and improved policy frameworks before the credit crisis started. The latest IMF World Economic Outlook observes that the world economy is rapidly decelerating due to the high energy and food prices, so the slowdown is already here.