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#320419 - 01/25/09 09:36 PM IMF: Crisis is getting worse
Portofino Offline
World Faces Deepening Crisis, IMF Chief Warns

The world faces a deepening economic crisis, with the slowdown in advanced economies now spreading to major emerging markets such as China, India, and Brazil, Dominique Strauss-Kahn, IMF Managing Director, warned.


He said the IMF would significantly adjust downward its forecast for world growth for 2009 when the 185-member international institution announces a revised assessment of the global economy on January 28. In an update released last November, the IMF had said that advanced economies would see a contraction in output in 2009óthe first since World War IIóbut that growth in major emerging markets would still enable the global economy to advance by 2.2 percent in 2009.

Deteriorating outlook

But Strauss-Kahn said in an interview with the BBC's Hardtalk program, broadcast on January 21, that economic prospects had worsened over the past few months and the IMF would announce lower numbers at the January 28 press conference in Washington DC.

"So 2009 will not be a good year for the world economy, even if we see recovery at the beginning of 2010," he said.

Prospects were worse than expected not just in the United States and Europe but also in major emerging market economies such as China, India, and Brazil, which would experience very low growth compared with recent historical trends.

Whole article: http://www.imf.org/external/pubs/ft/survey/so/2009/NEW012109A.htm

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#320457 - 01/26/09 03:11 AM Re: IMF: Crisis is getting worse [Re: Portofino]
Peter Jones Offline
There are towns in China that have 100% unemployment and no prospect of work for 100 miles around, because they were established to provide workers for factories making toys for the west and the market has dried up. And of course there they have scant state benefits.

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#321005 - 01/28/09 04:00 PM Re: IMF: Global economy to come to a halt [Re: Peter Jones]
Portofino Offline
Today from the IMF website:
Originally Posted By: International Monetary Fund
World Growth Grinds Almost To a Halt, IMF Urges Decisive Global Policy Response
January 28, 2009

World growth is forecast to fall to its lowest level since World War II, with financial markets remaining under stress and the global economy taking a sharp turn for the worse, sending both global output and trade plummeting, the IMF said in its latest assessment of the world economy.


"We now expect the global economy to come to a virtual halt," said IMF Chief Economist Olivier Blanchard in prepared remarks for a press briefing.

Read the whole article here: http://www.imf.org/external/pubs/ft/survey/so/2009/RES012809A.htm

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