Financial crisis slams global economy to near-halt: IMF

WASHINGTON: The International Monetary Fund(IMF) slashed its economic outlook, predicting the global financial crisis would slam growth to a virtual standstill this year.

"World growth is projected to fall to 0.5 percent in 2009, its lowest rate since World War II," the IMF said in a sharp 1.75-point downward revision of November forecasts. "The world economy is facing a deep recession," the 185-nation institution warned.