Christine Lagarde of the IMF (Creative Commons)

As put by The Washington Post, it looks "grim":

• Overall, the world economy is expected to expand 3.25 percent in 2012 — down from the 4 percent projected by the IMF in the fall.

• That figure includes 8.2 percent growth in China, still the world’s most quickly expanding economy, and 7 percent in India.
  

• In those cases and for the rest of the world, the IMF said growth was being crimped by the world’s major economic risk — the ongoing financial crisis in the euro zone.

According to The Wall Street Journal, IMF Managing Director Christine Lagarde has begun warning of a "possible depression-era collapse" and is trying to offer encouragement for how best to prepare:

• Ms. Lagarde and her lieutenants are urging euro-zone leaders to boost the size of the European debt-crisis firewall, to implement pro-growth policies and further integrate the monetary union.
• …The IMF praised the efforts of many euro-zone members to reduce their massive debt burdens and bloated budgets, but it warned against further near-term cuts that could worsen their economic woes.
• "Given the large adjustment already in train this year, governments should avoid responding to any unexpected downturn in growth by further tightening policies," IMF staff said.

As for the U.S., its economy may not get any worse, but the projections are offering little room for improvement in 2012, reported The L.A. Times:

Despite the troubles in Europe, the projection for the U.S. economy in 2012 remains the same as in September, though the growth rate is anemic. The recovery will improve in 2013 to a 2.2% annual growth rate, but that is down from the IMF's September projection of 2.5%.

Following the IMF's predictions, the global markets have reflected a less-than-favorable response.  Wall Street markets dropped on Tuesday morning with the Dow Jones down 0.35 percent, the Nasdaq down 0.45 percent, and the Standard & Poor's down 0.10 percent.