IMF sees advanced economies contracting in 2009

The International Monetary Fund (IMF) on Thursday revised downwards its estimate for global growth next year by four-fifths of a percentage point to 2.2% and said it believes the advanced economies will contract over 2009.

The revision comes less than a month after the Fund projected growth of 3% in its October World Economic Outlook report. Back in October, the IMF still expected the advanced economies to expand by 1.4%. It now sees a contraction of 0.3%.

The United States, which was expecte

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