Tuesday, Slovakia's central bank said the economy is expected to contract in 2009.

Central bank's board member Peter Sevcovic said the economy is forecast to contract 2.4% this year, down from an initial projection of 2.1% growth. The bank expects the economy to grow 2% in 2010.

At the same time, the bank lowered its inflation forecast for end-2009 to 1.7% from 2.3%. It is expected to rise to 2% by the end of 2010.

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