IMF:Worst Growth in 60 Years!

World economic growth is set to fall to just 0.5% this year, its lowest rate since World War II, warns the International Monetary Fund (IMF).
In October, the IMF had predicted world output would increase by 2.2% in 2009.
It now projects the UK, which recently entered recession, will see its economy shrink by 2.8% next year, the worst contraction among advanced nations.
The IMF says financial markets remain under stress and the global economy has taken a "sharp turn for the worse".
"We now expect the global economy to come to a virtual halt," said IMF chief economist Olivier Blanchard in a statement.
The IMF says that despite a number of policy moves, which have been carried out by many states, financial strains remain.
The report comes on the same day the International Labour Organization said that as many as 51 million jobs worldwide could be lost this year because of the global economic crisis.
The IMF says future co-ordinated financial policies should concentrate on recognising the scale of financial institutions' losses and on providing public support to those institutions that are viable.
"Such policies should be supported by measures to resolve insolvent banks and set up public agencies to dispose of the bad debts, including possibly through a 'bad bank' approach, while safeguarding public resources."
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