World economy to shrink for first time in 60 years
The International Monetary Fund says the world economy, reeling from financial crisis, is on track to shrink for the first time in 60 years in 2009, by as much as one per cent.
The global economy will shrink this year for the first time since World War II and the global financial crisis will make it tougher for poor and developing nations to access needed financing, the World Bank has said.