The International Monetary Fund (IMF) has warned the global economy will contract by more than expected in 2009 and that a global recovery will not be on the cards until mid 2010.
Speaking at a conference in Vienna, IMF first deputy managing director John Lipsky said the Fund expected to make more downward revisions to global growth forecasts with growth now expected to fall below zero in 2009.
"We expect it'll be the middle of next year until we see clear signs of a global upturn," Mr Lipsky said, The Australian reported.
In January the IMF revised its global growth forecasts to 0.5 per cent from the 2.2 per cent forecast in November.
It will update this forecast again in its global economic outlook due for release next month.
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