The International Monetary Fund has projected a 1.3 percent drop in global economic growth for 2009. Economists say that will result in another 10-million unemployed around the world.

The International Monetary Fund on Wednesday forecast a severe global contraction this year, sharply downgrading its already bleak outlook from earlier this year. [Eugene Salazar/AFP]

The IMF forecast says it will take longer than previously thought to stabilize world financial markets and get credit flowing again. Japan is expected to suffer the most contracting 6.2 percent this year. The US economy will shrink 2.8 percent, its biggest decline since 1946.

And, though not contracting, China IS expected to see its growth slow to 6.5 percent this year. The report also noted China's considerable resilience in the face of global turmoil.

(CCTV April 23, 2009)