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Predictions Are Hard ...

11:39 AM, Jul 9, 2013 • By GEOFFREY NORMAN
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Boomberg's Jeanna Smialek is reporting that the International Monetary Fund has revised its predictions and that:

Global growth will be 3.1 percent this year, unchanged from the 2012 rate, and less than the 3.3 percent forecast in April ... trimming its prediction for this year a fifth consecutive time. The IMF reduced its 2013 projection for the U.S. to 1.7 percent growth from 1.9 percent in April, while next year’s outlook was trimmed to 2.7 percent from 3 percent initially reported in April.  

You cannot, of course, expect absolute precision in these forecasts and one is inclined to cut the IMF some slack.  Still, one does wonder ... do they ever revise these things upward?

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