By Steve Schifferes
Economics reporter, BBC News
The world economy is set to shrink by between 0.5% and 1.0% in 2009, the first global contraction in 60 years.
In its gloomiest forecast yet, the International Monetary Fund (IMF) says that developed countries will suffer a "deep recession".
The global economic body says "the prolonged financial crisis has battered global economic activity beyond what was previously anticipated".
Just two months ago, the IMF predicted world output would increase by 0.5%.
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