Where is the Puck?

According to IMF chief economist Simon Johnson and “World Economic Outlook” report released yesterday the following economic trends are expected in the coming years:
-    The US will suffer a “mild” recession in 2008, and it won’t fare much better next year. United States is expected to slow to a crawl of just 0.5 percent this year: the worst pace in 17 years.
-    The US economy will grow by a feeble 0.6 percent in 2009, when measured by an annual average.
-    House prices in the United States will continue to drop, with declines this year in the range of 14 to 20 percent
-    The Fund is projecting the global economy to grow by 3.7 percent this year and 3.8 percent next year.
-    Despite the somewhat pessimistic report, the IMF said it still views the US.currency value as “somewhat on the strong side”.  The IMF said the euro is also on the strong side, while the yen remains “somewhat undervalued.”