The International Monetary Fund warns that the global economy has entered the most dangerous shock in financial markets since the 1930s.
In its biannual World Economic Outlook, the IMF said economies faced a painful crawl towards recovery next year. It has revised downward its summer forecasts for global economic growth this year to 3.9 percent and 3.0 percent next year. That is the slowest pace since 2002. The IMF predicts that the German economy will not grow at all in 2009 after growth of 1.8 percent this year.
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