Summarised from the National Institute Economic Review, No. 197, July 2006. To order a the full version of this article or a subscription, please contact Sage Publications by telephone: +44 (0) 20 7324 8701, email: mailto:subscriptions@sagepub.co.uk or online at http://ner.sagepub.com.Â¥...

¥ The global economy will contract this year by 0.5 per cent, its first annual decline since 1946. ¥ World trade will fall by 8.2 per cent in 2009. ¥ Among the G7, Japan and Italy will be the worst affected, with a 15 and 40 per cent chance, respectively, of the recession lasting 9...

¥ After falling by 1.5 per cent in 2009, world GDP will grow by 2.9 per cent in 2010. ¥ The recovery will be driven by emerging economies led by China, whose GDP will expand by 9.2 per cent next year. ¥ The Japanese economy will recover by 0.7 per cent in 2010 after shrinking by 7 per...