IMF: Global Slowdown Worse Than We Thought

The International Monetary Fund cut its estimate for global growth by .75 of a percentage point today, saying GDP around the world will grow by only 2.2 percent in 2009.

The cut is a downward revision since the IMF's most recent estimate and it reflects steadily worsening economic conditions around the world.

"Global activity is slowing quickly," the IMF report says.

The IMF urges governments worldwide to pass stimulus programs. In the U.S., House Speaker Nancy Pelosi (D-Calif.) yesterday called again for a special lame-duck session of Congress to pass a second stimulus package to create jobs.

The G-20 group of finance ministers will meet this weekend in Sao Paolo, Brazil, ahead of next weekend's summit in Washington.

-- Frank Ahrens

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