Friday, the Austrian Institute of Economic Research, or WIFO, revised its GDP outlook for 2009 and 2010 as the worst recession since the World War II has taken its toll on the economy.

WIFO now expects the Austrian economy to contract 2.2% in 2009, quicker than a 0.5% fall projected in December last year. For the next year, the think tank sees an expansion of 0.5%, which was also lowered from an initial projection of 0.9% growth.

In the fourth quarter of 2008, Austria's economy shrank 0.2% after stagnating in the third quarter.

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