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Economists Say G7 Could Face Small Double Dip Updated: 2010-06-17 00:00:00 KST

As major global economies are experiencing different paces of economic recovery largely due to the spreading debt crisis in the eurozone economists anticipate that there is a chance for a small double dip among G7 economies.
According to a poll by Reuters of 250 real economists from the 10th to the 16th of June growth paths are diverging among Group of seven nations including France, Germany, Italy and the United Kingdom in Europe as well as the United States, Japan and Canada.
Experts predict that economies in the European region will expand by a mere 1.1 percent this year and 1.4 percent in 2011 with the British economy expected to grow by 1.1 percent in 2010 and 2.1 percent the following year.
Meanwhile Tokyo is projected to see an economic expansion of two-and-a-half percent over the fiscal year 2010 that is until March while Washington's GDP is anticipated to expand even further at 3.2 percent.
This puts the possibility of the eurozone seeing a double dip at 25 percent Japan at 20 percent and the US at only 15 percent.
And backed by strong economies such as China and India a high ranking official at the International Monetary Fund says the size of the economy in the Asia-Pacific region is expected to exceed that of the G7 by 2030.
The IMF official said the Asian economy is anticipated to grow by 50 percent in the next five years accounting for one third of the global market in 2015.
And over the next two decades Asia is expected surge as the world's largest economic power which will lead to a larger say of Asian nations within the IMF.

Jang Sou-ie, Arirang News.
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