Economy shrinks by 1.2%
The economy shrank by 1.2% per cent in the first three months of the year, as the blow to commodities exports caused by the Queensland flood triggered the first contraction since the December 2008 quarter.
The World Bank said on Sunday that the global economy will shrink in 2009 for the first time since World War Two and estimated developing countries face a financing shortfall of 270-700 billion dollars this year.