International Monetary Fund - one-in-four chance of a full-blown global recession

The US mortgage crisis has spiralled into "the largest financial shock since the Great Depression". With the US sliding into a recession, there is mounting pessimism about the ability of the rest of the world to escape unscathed. The IMF shaved its forecast for growth in the global economy by half a percentage point, to 3.7% for this year, and by 0.6% - to 3.8% - for 2009.

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