Worldwide spending on information technology (IT) is expected to slow significantly in 2009, according to a report from market research firm IDC. The firm's forecast, newly revised to reflect the global financial crisis that began in September, predicts that global IT spending will grow by 2.6 percent year over year, down from IDC's prior prediction of 5.9 percent growth. In the United States, IT spending is expected to grow by only 0.9 percent, down from a previous prediction of 4.2 percent. "The good news is that IT is in a better position than ever to resist the downward pull of a slowing economy," says John Gantz, chief research officer at IDC. "Technology is already deeply embedded in many mission-critical operations and remains critical to achieving further efficiency and productivity gains." The IDC report also predicts IT spending to make a full recovery by the end of 2012, when it should reach approximately 6.0 percent growth. IDC further predicts that more than US$300 billion in industry revenues will be lost between now and 2012 due to slower spending.