The International Monetary Fund has released its bleakest forecast for the world economy in years. In its twice-yearly report the IMF cut its world growth forecast for 2009 to three percent, its lowest pace in seven years. The group expects a major downturn and believes the US and Europe are already in or on the brink of recession. But the IMF paints a more upbeat picture for emerging and developing economies. +++SYN-MAZ+++