World growth 'worst for 60 years' - IMF
29-01-2009
The International Monetary FundWorld warns economic growth is set to fall to just 0.5% this year - its lowest rate since World War II.In October, the IMF had predicted world output would increase by 2.2% in 2009. It now projects the UK will see its economy shrink by 2.8% next year, the worst contraction among advanced nations. The IMF says financial markets remain under stress and the global economy has taken a sharp turn for the worse. The outcome, it says, has been to send global output and trade plummeting. The IMF says international cooperation is needed to draw up new policy initiatives, and for capital injections to support viable financial institutions.
