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'Major global downturn' says IMF
the world's economy is enterging a major downturn in the biggest financial crisis since the 1930s, said the international monetary fund (imf) .
the imf's latest world economic outlook report has come out just ahead of the annual imf-world bank meeting in the us .
conversely it has been developing countries in africa and asia which had seen the greatest expansion in growth in recent years - and where economic output was set to suffer the least .
world economic growth will slow substantially this years, and only pick up modestly later in 2009, it said .