The International Monetary Fund (IMF) has joined The World Bank in predicting the global economy to shrink in 2009.
Speaking at an anti-crisis meeting in Tanzania, IMF managing director Dominique Strauss-Kahn suggested the current crisis could be known in the future as the “Great Recession”.
“The IMF expects global growth to slow below zero this year, the worst performance in most of our lifetimes,” he said, according to Reuters.
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Despite bleak forecasts from the IMF and World Bank, Federal Reserve chairman Ben Bernanke believes the US recession could end this year.
Speaking to the Council on Foreign Relations yesterday, Mr Bernanke said economic growth would likely return in 2010.
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