Global real gross domestic product is expected to contract 1.2% this year, a steeper decline compared to a previous forecast of a 0.5% contraction, said economists at IHS Global Insight in a research report on Thursday.
Recent economic data indicate that the U.S. economy is still in a "free fall," they said.
I don't claim to have a second sight on where all this is headed in the short-term, but I'm getting a lot of good insights on Obama's various stimuli from Paul Krugman's blog (as usual).
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