IMF World Economic Outlook (WEO) Update, November 2008:Rapidly Weakening Prospects Call for New Policy Stimulus

Prospects for global growth have deteriorated over the past month, as financial sector deleveraging has continued and producer and consumer confidence have fallen. Accordingly, world output is projected to expand by 2.2 percent in 2009, down by some ¾ percentage point of GDP relative to the projections in the October WEO.