NGDIR News Section-Iran has been ranked the world’s 25th top economy in 2009.
   This was declared in the IMF’s World Economic Outlook database, which keeps track of gross domestic product (GDP) estimates for 180 countries, serving as a vital signs monitor for the global economy.
   Among the countries that round out the top 30 richest countries for 2009, Iran’s GDP seems to be the most insulated from the global economic pain. However, Iran is expected to witness a downward revision in that country’s final GDP report card.
   Iran’s GDP was valued at $343 billion, down 0.5 percent, in 2009.
   According to the IMF report, Sweden, with a GDP of $359.1 billion, down 25.9 percent, ranked 24th while Norway with a GDP of $340.7 billion, down 25.3 percent, ranked below Iran.
  
   Top Ten Economies
   The US has been ranked the world’s biggest economy for having a GDP of $14.003 trillion, down 1.8 percent.
   China, the world’s third-largest economy, is set to grow its production by almost 10 percent this year. Because Japan will realize a more modest 1.4 percent gain, China is on target to leapfrog the Land of the Rising Sun and assume second place.
   Germany, France, the UK, Italy, Spain, Brazil and Canada were respectively fourth to tenth biggest economies in 2009.
  
   2.7% Global Growth
   The World Bank has projected that the global economy is likely to grow at a rate of 2.7 percent in 2010, but warned that the economic recovery is still fragile. It also added that the process of recovery would gradually slow down later this year as the impact of fiscal stimulus wears away.
   In its report “Global Economic Prospects 2010”, the World Bank has said that global GDP, which declined by 2.2 percent in 2009, is expected to grow 2.7 percent this year and 3.2 percent in 2011.
   However, it warned that while the worst of the financial crisis may be over, the global recovery is still fragile and that the recovery that is now underway will slow down later this year as the impact of fiscal stimulus wanes.
   IMF Chief Dominique Strauss-Khan has said the global economy is recovering more strongly than expected and projected that growth rate in 2010 is likely to beat the forecast of 3 percent.
  
   Rebound
   Many countries have started to see a rebound from last year’s economic recession. But will it last? Economists at the World Economic Forum in Davos warn that paying down massive public debt will be “very, very painful”. Deep spending cuts and significant tax hikes may be unavoidable.
   One thing is clear: 2010 presents steep challenges to the world economy. There is an illusion of normalcy. But that illusion comes largely as a result of the immense amount of money pumped into the economy by governments around the world. The result--massive public debt across the globe--is historically exceptional. The only comparable situation can be found during the Great Depression.
   In Europe, there are already warnings that a domino effect could spread from Greece. The finances of countries like Ireland, Spain and Portugal are in a similarly sorry state.
   There are also those who are spreading cautious optimism and drawing attention to glimmers of hope. Strauss-Kahn said in Davos that growth was returning faster than expected. He pointed to the fact that Asia has already almost completely recovered from the crisis, with the Chinese economy growing by 8.7 percent last year.