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The world's largest economy - the U.S. - is contracting at an 'alarming rate' according to Paul Krugman, who has won this year's Nobel Economics Prize.
In a speech to a Copenhagen Business School audience, Krugman painted a bleak picture of the U.S. economy saying: "At a rough guess, the annual growth rate in the U.S. is currently minus 4-5 percent and unemployment is growing with almost 500,000 people each month."
