IMF chief warns world entering 'Great Recession'

The global economy will shrink this year as the world enters "a Great Recession," the head of the International Monetary Fund said Tuesday.

Speaking in a taped interview with French television channel France 24, Dominique Strauss-Kahn said economic data has worsened since January, when the IMF forecast global growth in gross domestic product of 0.5 percent this year.

"Since then the news hasn't been good," Strauss-Kahn said. "I think that we can now say that we've entered a Great Recession."

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