IMF: Global economy to shrink for first time in 60 years

The global economic slowdown is so severe that the worldwide economy will contract for the first time in 60 years, the International Monetary Fund says. The total of goods and services produced around the world is projected to slump by 1 percent in 2009, compared with a 3.2 percent growth rate the year before. Leading the slump will be the world’s most developed economies, including the United States, Europe and Japan

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