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The OECD issued a grim forecast for the economies of advanced industrialised countries. The organisation expects GDP among its 30 mainly rich member states to plummet by an average of 4.3% this year. America’s economy is projected to contract by 4%, the euro area’s by 4.1% and Japan’s by 6.6%. The World Bank updated its forecast for the world economy, which it now expects to shrink by 1.7% in 2009.
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