From Breitbart:
The International Monetary Fund Thursday said that the world economy, reeling from financial crisis, was on track to shrink for the first time in 60 years in 2009, by as much as 1.0 percent.In a report prepared for the Group of 20 meeting of finance chiefs last week in Britain and published Thursday, the IMF slashed forecasts from two months ago to a global contraction of between 0.5 percent and 1.0 percent. The latest IMF projections were sharply lower than those in the World Economic Outlook update published on January 28 that had put global growth at an annual rate of 0.5 percent.
"Global economic activity is falling -- with advanced economies registering their sharpest declines in the post-war era -- notwithstanding forceful policy efforts," the IMF staff report said.
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