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The tough economic conditions caused by the Credit Crunch have hit many businesses hard. The recent and unprecedented intervention of worldwide governments may ease the crisis in financial markets and kick-start the global economy, but short-term confidence in many business circles remains low. Although there is now evidence that the credit crunch has started to bite IT budgets, IT spending to date and for the remainder of 2008 appears to have bucked the trend. In late September '08, Gartner, Inc. was reported as saying that it did not expect a recession in technology spending, but at Symposium/ITxpo forecast that overall spending will grow 3 percent year over year during Q4 08) and then increase 2.3 percent next year - a reduction from its previous projections.
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