IMF to forecast 5% (or more) decline in global trade

Reuters reports that the IMF will forecast a 5% or greater decline in global trade in 2009 sometime during the run-up to the G20 meeting in London early next month.

While tragic, a contraction in global trade benefits the US, as the nation with the largest trade deficit. A higher savings rate and smaller trade deficit is helping close the current account deficit. Now if we could only get our arms around that fiscal deficit…