Worldwide spending on IT will slow significantly in 2009 as a direct result of the global financial crisis that began in September 2008. IT spending will grow 2.6% YTY in 2009. In the United States, IT spending is expected to decline to 0.9% in 2009, much lower than the 4.2% growth forecast in August. On a regional basis, spending growth in Japan, Western Europe, and the United States will hover around 1% in 2009. Looking beyond 2009, IDC expects IT spending to make a full recovery by the end of the forecast period with growth rates approaching 6.0% in 2012. Despite these gains, IDC estimates that more than $300 bln in industry revenues will have been lost due to slower spending over the next four years.