The IMF is urging world leaders to take urgent policy action to shore up a falter- ing economic recovery that is expected to include a eurozone recession this year. The organisation has revised down- ward its global growth forecasts for 2012 and 2013 because of the escalating European debt crisis and its impact on other parts of the world. Global economic output is projected to grow by 3.3pc this year instead of the 4pc forecast in September (WPA, 26 September, p6).
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