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That would result in a contraction in demand of 0.2percentt over the five-year period, reaching 85 million barrels a day by 2014, it said.
The IMF is warning that the world confronts a contraction in demand greater that at any time since the 1930s - a crisis of "historic proportions".
Monetary policy will probably have to be eased further to contain the risk of a more substantial and prolonged contraction in demand growth.
"Law graduates today and over these past few years have been faced with the effect of the most severe contraction in demand for legal services that this court can recall since the early 1970s," Justice Schweitzer wrote.
That means in the medium term, larger euro zone countries will need to increase their own spending to balance the contraction in demand they are imposing on their crisis-stricken neighbors.
Indeed, these effects are likely to be larger than expected compared with conventional multiplier estimates, which rest on two assumptions: the economy is close to full employment; and the contraction in demand caused by a cut in government spending will be offset by a drop in interest rates.
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Rolling forecasts enable finance people to collect and manage the cash needed for tax payments and capital expenditures, and they help operational managers estimate capacity and thus plan for expansions or contractions in demand.
"Strong export growth, which has hitherto helped offset the contraction in domestic demand, has of late started to decrease reflecting weakening demand from the rest of the euro area".
Livingstone confidently predicts that "mass unemployment … would follow the contraction in consumer demand called for in the encyclical".
That would result in a contraction in oil demand of 0.2percentt over the five-year period, reaching 85 million barrels a day by 2014, it said.
The result has been a significant and sustained contraction in private demand, reflected in a sharp and unprecedented swing in the gap between private saving and investment from an average deficit (investment exceeding saving) of $267 billion in 2005-7 to an average surplus of $789 billion in 2008-11.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com