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

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.