That's a significant change from July, when the agency projected a downturn of only 3.75percentt and said the Greek economy would expand slightly next year.
Recently, a vice president for ARC Financial projected the downturn could last for two to three years; many vendors back that assessment, forecasting 2016 as a particularly dire year.
The study projects a downturn in revenues from the state's commercial fisheries, with losses seen at $59 million to $89 million in 2011, $38 million to $56 million in 2012, and $18 million to $27 million in 2013.
But with limited growth projected, a seasonal downturn in device sales likely in the current quarter, and falling "transactional" Office revenues which are better offset in the long-term by recurring SaaS Office fees, Microsoft will have to bust hump to meet street expectations for the next few quarters.
Back in January, the World Bank "sharply reduced its estimate of global economic growth in 2013, projecting that the downturn in Europe and the United States' fiscal problems will continue to weigh on investment and spending".
Mr. Singh, 77, argued that India had done better than almost every other major economy in blunting the impact of the global downturn — with growth projected at 8.5 percent for the new fiscal year following a record drought in 2009.
Like many other states, it has grappled with large spending gaps during the economic downturn, but its projected deficits for the next two years are nowhere near the worst in the country — more like in the middle of the pack.
I think we projected there'd be a downturn but we didn't realize it would be so fast and so steep.
The data failed to provide a solution to the so-called "productivity puzzle" facing economists, with output per hour worked at the end of 2012 still around 12% below the projected path had the pre-downturn rates of expansion been maintained.
