IMF goes back to the future with gloomy talk of secular stagnation

The IMF has slashed its forecast for global economic growth. Have memories of the recent past skewed its outlook?

Growth may never return to pre-crisis levels, says IMF

Youll never have it so good again. Thats the message for the rich western economies from the International Monetary Fund (IMF) after yet another downgrade to its growth forecasts.

For a quarter of a century Japans once-booming economy has struggled; now Europe is heading in the same direction. The IMF thinks there is a 40% chance of a recession in the eurozone over the next year and a 30% risk of deflation.