Global: IMF updates World Economic Outlook for 2009

The global economy, which is experiencing the most severe recession since World War II, is projected to shrink by 1.3 percent in 2009, with a slow recovery expected in 2010, the International Monetary Fund (IMF) reports in its April World Economic Outlook (WEO) released on Wednesday. Although the rate of contraction should ease from the second quarter of this year, output per capita is still projected to decline in countries representing 75 percent of the world economy. It is expected that growth will re-emerge in 2010 at a pace of 1.9 percent, which is sluggish in comparison to past recoveries.