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According to the IMF, the outcome of the economic slowdown has been to send global output and trade plummeting.
"We now expect the global economy to come to a virtual halt," said IMF chief economist Olivier Blanchard in a statement.
The IMF says that despite a number of policy moves, which have been carried out by many states, financial strains remain.
International co-operation is needed now to draw up new policy initiatives, and for capital injections to support "viable financial institutions".