IMF Sees an Even Deeper Recession
A shrinking global economy has many at the International Monetary Fund worried, as economists project that 2009 will see a decline of 1.3 percent in world economic output — the first global recession since World War II.
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The global economy is set to decline by 1.3% in 2009, in the first global recession since World War II, the International Monetary Fund (IMF) says.
In January, the IMF had predicted world output would increase by 0.5% in 2009.
But other major economies are predicted to shrink even more, with Germany declining by 5.6%, Japan by 6.2%, and Italy by 4.4% in 2009.
The prospects for the advanced economies are not much brighter in 2010, with an overall forecast of zero growth.
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