World Economic Outlook

In a semiannual forecast,the International Monetary Fund,a group of 185 member nations,says that the U.S. has entered a mild recession that will affect most of the world.Only the Middle East will escape the downturn,on account of its oil revenue.Global goods and services will rise 3.7% in value in 2008,as opposed to 4.9% in 2007.Extensive damage has been caused by the crisis,which the IMF considers the worst upheaval since the Great Depression.