Global economy to shrink first time in 60 years: IMF | business | Hindustan Times
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Global economy to shrink first time in 60 years: IMF

The International Monetary Fund said on Thursday that the world economy, reeling from financial crisis, likely would shrink for the first time in 60 years in 2009 by as much as 1.0 per cent.

business Updated: Mar 19, 2009 19:30 IST

The International Monetary Fund said on Thursday that the world economy, reeling from financial crisis, likely would shrink for the first time in 60 years in 2009 by as much as 1.0 per cent.

In a report prepared for the Group of 20 meeting of finance chiefs last week in Britain and published on Thursday, the IMF slashed forecasts from two months ago to show the world economy contracting between an annual rate of 0.5 per cent and 1.0 per cent.

The revised projections relative to the World Economic Outlook update published on January 28 "reflect unrelenting financial turmoil, negative incoming data, sinking confidence, and the limited effect to date of policy responses with respect to the restoration of financial system health," the IMF staff report said.