The U.S. economy will contract 0.7 percent in 2009, the International Monetary Fund (IMF) projected Thursday, marking a sharp downward revision from its October forecast.
Just a month ago, the IMF had said U.S. growth will be at 0.1 percent next year, but now sees far more difficult conditions worldwide including the first contraction in advanced economies since World War II.
"The U.S. economy will suffer, as households respond to depreciating real and financial assets and tightening financial conditions," the IMF said in its latest forecast for world economic growth.
Source: Xinhua
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