Dismal Data

World Economy Set to Shrink

Hope you weren’t pegging your hopes on economic growth in 2009: According to the International Monetary Fund, the world economy is likely to shrink this year for the first time in six decades.” The 1.3 percent projected decline is revised downward from an earlier projection of 0.5 percent growth. "By any measure, this downturn represents by far the deepest global recession since the Great Depression," the IMF said in its latest World Economic Outlook. "All corners of the globe are being affected."