UN revises global economic growth lower for 2009

The United Nations revised its 2009 global economic growth forecast down sharply on Wednesday, accounting for a deeper financial crisis that threatens to push unemployment past the 50 million mark.

In a mid-year update to its World Economic Situation and Prospects 2009 report issued in January, the United Nations now expects a global economic contraction of 2.6 percent this year, compared to its prior worst case scenario of a drop of 0.5 percent.

"The global credit crunch has continued straining the real economy worldwide," the report said.