World economy in deep recession: IMF

The global economy will contract by 1.3% in 2009, the International Monetary Fund (IMF) has said, even with determined efforts by governments to restore national financial sectors to health.

The slump is the worst since the second world war and has become truly global I nature, the Fund said in a joint foreword to it Global Financial Stability Report and World Economic Outlook.

The report envisages global writedowns as a result of the financial crisis hitting $4 trillion over the next two years

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