By  on March 20, 2009

GENEVA — Despite massive stimulus packages being injected into economies around the world, the global economy is projected to contract for the first time in 60 years in 2009 by 0.5 to 1 percent, an International Monetary Fund report said Thursday.

The IMF said major advanced economies will post sharper declines in output of 3 to 3.5 percent and emerging economies will grow by 1.5 to 2.5 percent, while the U.S. is now forecast to contract by 2.6 percent and European Union countries by 3.2 percent.

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