The IMF and Brown's Glenrothes rebound

The Independent this morning reports:

The IMF said 2009 would be the first year since the Second World War in which advanced economies combined saw their output shrink. While emerging economies are still performing comparatively well, the IMF now expects the total world economy to grow by 2.2 per cent in 2009, down from its October prediction of 3 per cent.

Britain, in particular, is heading for trouble, the IMF said, predicting that the UK would suffer a more serious recession than any other developed country in the world during 2009. The IMF now expects the UK economy to shrink by 1.3 per cent over the course of the year, a very substantial downgrade compared with its October forecast of a 0.1 per cent economic decline next year.

The Times meanwhile reports the mind-numbing by-election results in Glenrothes for the party whose mis-governance and policies have placed Britain in the worst economic condition of the developed world as judged by the IMF:

The scale of the win, however, took everyone, including Labour strategists, by surprise. It marks an abrupt end to Alex Salmond’s honeymoon as Scotland’s First Minister and a thumping personal endorsement for Mr Brown.

Holding the seat that Labour won with a 10,664 majority in 2005 meant that Mr Brown’s decision to break with tradition and campaign in the contest — along with his wife, Sarah, who made several visits — paid off. One thing is clear, after three consecutive General Election victories for New Labour, this latest by-election result confirms that the British electorate fully deserves every horror that is about to be delivered.