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Global economy will contract by 1.3% this year

Global economy will contract by 1.3% this year

05 June 2009 12:02 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. The International Monetary Fund predicts that the world output is projected to decline 1.3 percent this year, said IMF Representative in Azerbaijan Koba Gvenetadze.
He quoted IMF World Economic Outlook report as saying the global economy will recover only gradually in 2010, growing by 1.9 percent.

â€œGDP will shrink in some countries and unemployment will increase. Â¾ of the economies will not see GDP growth or will see a decline,â€ he added.

He said global financial loss is expected to top $4 trillion in the period from 2007 to 2010 and $2.7 trillion of which will fall on US investors.

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