The group also lowered its growth prediction for 2012 from 2.3% to 2.2%, as it warned that the UK is at a "critical juncture".
The official growth prediction for 2001 has been scaled back to 2% due to the global economic downturn and the crisis caused by the 11 September attacks.
The Paris-based intergovernmental organization said economic output will likely shrink by 0.4 percent in 2009 for the 30 countries that comprise its membership, against the 1.4 percent growth prediction for 2008.
They suggest that the business case for HS2 is based on an overly-optimistic prediction of growth in demand for long-distance train travel.
The Economist's poll of private forecasters shows the average prediction is for growth next year of 0.6%, down from 2.6% in September (before the terrorist attacks).
However, Patrick Harvie, Green MSP for Glasgow, described the TIF scheme as a "reckless gamble" with taxpayers cash based on "the absurd prediction of everlasting retail growth".
That unrealistic way of predicting future trends could keep stock prices up this month before they begin to fall next month if my prediction of slowing economic growth starting now is accurate.
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It expects the world economy to shrink by 1.3% this year, compared with a prediction of 0.5% growth in January.
While my prediction of 8.5 percent growth proved a bit too optimistic, I was more right than those who predicted a hard landing.
Gross domestic product in the 17-nation region will fall 0.3 percent this year, compared with a November prediction of 0.1 percent growth, the Brussels-based commission forecast today.
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Earlier this month the Economic and Social Research Institute forecast that the Irish economy will grow by just 0.9% in 2012, a downgrade from its previous prediction of 2.3% growth.
However, the OBR says the structural deficit - the part of the deficit that is not automatically reduced by economic growth - will widen from Labour's prediction of 7.3% of GDP in 2010-11 to 8%.
Such a major decline seems like an overly pessimistic prediction for a company with fairly consistent growth.
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The Fed seemed to give up on its prediction of only a temporary slowdown in growth in the summer months but not into recession, and then a return of growth in the second half and through next year.
Forecasts for growth in 2001 have been falling, although the average prediction of 2.3% made by The Economist's panel in May was still only a little below the trend rate of growth.
My prediction is we will see margin pressure amid the device vendors and favorable growth prospects at those RF and other chip suppliers that have the right mix of customers (more Samsung, less Nokia and Blackberry for example) as well as some jawing on new opportunities (the Connected Car, the Connected Home, mHealth and more).
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The IMF cut its growth projections for the world for 2009 to 3.0%, from a July prediction of 3.9%.
Therefore, the 8.4% prediction for 2013 implies a recovery, which in the China context means a pickup in growth rates.
But its prediction for the whole of 2003 remained unchanged at "single-digit or better" percentage growth - a forecast some analysts described as disappointing.
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