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
Gap Between Predicted Growth and Reality
Only Saudi Arabia and Turkey have posted growth rates that exceeded their October 2010 projections.
Real GDP Pre-Crisis vs. Post-Crisis
Why anyone pays attention to IMF growth forecasts is a mystery.
Mike “Mish” Shedlock