The IMF's forecast for Peru 2010

Great news! The IMF has decided that Peru is going to grow its GDP by 5.8% in 2010! YAY!

So let's check the IMF's track record on the country, just to make sure they're trustworthy prognosticators and all that. Here's what the IMF said in February 2009 for last year's forecast:

The pace of economic growth is expected to decelerate to 6 percent in 2009, reflecting the global slowdown, lower terms of trade, and tighter financial conditions that would affect net exports and private investment.

So for the 2009 period the IMF consulted with the government, made its calculations, took into account the global crisis and the effect on world trade, did all its experty-expert stuff and made its forecast of a 6% GDP growth for Peru in 2009.

The real result: Peru grew by 1.12%. D'OH!

Why does the phrase 'dumbasses in suits' keep floating through my mind this morning?