Global economy to shrink by 0.5-1%: IMF

The International Monetary Fund (IMF) has again lowered its growth estimates, saying that it now sees a contraction of 0.5% to 1% in global activity.

The Fund also revised its forecasts for advanced economies, predicting a contraction of 3-3.5% in the year ahead.

The assessment, part of projections compiled for the G20 meeting of finance ministers and central bank governors last weekend, said: "Advanced economies will suffer deep recessions in 2009. Leading economies in the G7 are expected to

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