The financial crisis is still spreading and deepening and is making inroads on the real economy. Forecasting is always "work in progress" but the exceptional situation today makes it feel like shooting at a moving target from a ship on the high seas. The forecasts of the Working Group were...

The worst part of the financial crisis is behind us. Nevertheless, the fall in global output in 2009 will be the largest of the post-war period. As a result, unemployment and government deficits are rising steeply this year, while inflation will be very low. Financial market support measures...