World Economic Outlook- Global Economy Under Stress

IMF World Economic Outlook (WEO) - Financial Stress, Downturns, and Recoveries, October 2008 is out. You can find it here. The Executive Summary notes:

The world economy is entering a major downturn in the face of the most dangerous financial shock in mature financial markets since the 1930s. Global growth is projected to slow substantially in 2008, and a modest recovery would only begin later in 2009.
Inflation is high, driven by a surge in commodity
prices, but is expected to moderate. The situation is
exceptionally uncertain and subject to considerable
downside risks. The immediate policy challenge is to
stabilize financial conditions, while nursing economies
through a period of slow activity and keeping
inflation under control.