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Washington, International Monetary Fund cut back estimates of global growth. Institutions also warned that the economic growth of the industrial countries will be minus forward in 2009. Contraction is the first time since World War II.

The IMF estimates, industrialized countries will be weakened to a negative 0.3 percent compared with its previous estimate at 0.5 percent. Global growth also was revised to only 0.8 percent estimate from the newly announced last month, 2.2 percent.

"The prospect for global growth to weaken in the last one month because of the financial sector continued to decline and falling consumer confidence," said a statement the IMF in Washington, Thursday (6 / 11) local time Friday or WIB.

"Our estimate is based on the current situation and the policies that have been taken so far. We estimate that there will be many policies are made. The IMF will also participate in the meeting of the G-20 this month, "said the head of the IMF economist Olivier Blanchard.

Coordination

French President Nicolas Sarkozy also stressed that Europe must have a coordinated economic measures, although recognized that there are some things still controversial.

"I emphasize, in the face of this crisis, policy coordination is an obligation. There are no other options to understand and listen and work together to maintain our economic growth, "said Sarkozy spoke before a meeting of high-level European Union in Brussels, Belgium, Friday.

Meanwhile, South Korea yesterday again cut the interest rate, the third time in the last one month, to lift the economy. England also cut the previous interest rate.

However, the central bank cut interest rates can not stop the decline in the stock market. Investor shares in mainland Europe because of fear panic on the performance of the economy to worsen.

Some stock prices rise in Europe in mid-trade yesterday. FTSEurofirst 300 Index rose 1.1 percent after a 5.8 percent fall on Thursday. FTSE 100 up 1.8 percent, the German DAX rose 1 percent, and the French CAC 40 rose 0.9 percent.

"I do not believe this increase will be sustainable," said Ryan Kneale, analyst at BetsforTraders.com.

In Asia, shares in Tokyo closed down 3.55 percent, Sydney weakened 2.4 percent, Hong Kong rise 3.3 percent, and Seoul rose 4 percent. (AP / AFP / joe)