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World economy to shrink below zero - IMF chief

Published: 09 Mar 2009 23:43:28 PST

DAR ES SALAAM, 10 March - The International Monetary Fund expects the global economy to shrink "below zero" in 2009, the head of the IMF said on Tuesday.

"Continued deleveraging by world financial institutions, combined with a collapse in consumer and business confidence is depressing domestic demand across the world," IMF Managing Director Dominique Strauss-Kahn told African leaders in the Tanzanian capital.