Supercharged Optimism

Charts of IMF global growth estimates vs.what has actually happened are either humorous or downright pathetic depending on your sense of humor. One thing sure stands out: Perpetual optimism reins supreme.

A few charts from the Wall Street Journal report Five Trends That Will Shape the Future of the U.S. Economy shows what I mean.

IMF Growth Estimates 2010-2010

IMF Growth Forecast vs. Reality

Gap Between Predicted Growth and Reality

Growth Patterns3

Only Saudi Arabia and Turkey have posted growth rates that exceeded their October 2010 projections.

Real GDP Pre-Crisis vs. Post-Crisis

Growth Patterns2

Why anyone pays attention to IMF growth forecasts is a mystery.

Mike “Mish” Shedlock