L&G economist Tim Drayson looks ahead to 2009 on IFAonline and forecasts a sharp contraction in the US, UK and European economies.
The group also believes world growth is likely to be weaker next year than in 1982 and says it can't anticipate a recovery in developed economies until bank lending conditions improve.
Drayson points to a sharp slowdown in emerging economy growth but predicts a 'stuttering recovery' for credit.
To view L&G's forecast for the economy and the major asset classes including equities, bonds and property in 2009 click here.
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