The IMF has since revised its forecast for global growth downwards to 3.7 per cent for 2008, and 2.2 per cent for 2009. Notably, advanced economies, as a group, are projected to contract by 0.3 per cent in 2009.
If this gloomy outcome were indeed to come true, 2009 will mark the first year on record when emerging economies will account for more than 100 per cent of world growth. Emerging economies Emerging economies may be the sole contributors to global growth in 2009, but they too are hit hard by the crisis.