Icelandic economy shrinks 6.5% in 2009
The crisis-stricken Icelandic economy shrank by a record 6.5%in 2009, having grown by 1% in 2008 and 6% in 2007, official data showed today.
``The world economy is expected to shrink by 2.6% in 2009, according to the pessimistic scenario of the forecast presented in January,'' the world body said in a mid-year report by UN Department of Economic and Social Affairs.