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This year the International Monetary Fund (IMF) predicts that real global growth will be close to zero. The last time a global recession of this severity took place was in 1982. That recession triggered the Latin American debt crisis, and the region's collapse can be seen in this chart. This time around, it is the center not the periphery that has collapsed. Growth in advanced, industrial economies is projected at -2 percent for this year. Moreover, the widespread banking problems and the credit crunch, especially in the United States and Europe, give this recession the feel of something much closer to the 1930s Great Depression than anything experienced in the past several decades.
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