IMF gives gloomy economic outlook
Adrian Croft and Sebastian TongReutersSaturday, April 5, 2008
The head of the International Monetary Fund gave a gloomy report on Saturday on prospects for the world economy to a dozen leaders debating how to respond to global financial turmoil.
IMF Managing Director Dominique Strauss-Kahn told a high-powered forum hosted by Prime Minister Gordon Brown that most of the downside risks to the world economy feared six months ago had now become reality.
"The forecasts we are going to release in a few days are not really improving," Strauss-Kahn said.
The IMF is due to release its twice-yearly World Economic Outlook next week, just before the IMF's spring meetings in Washington.
Earlier in the week, the IMF said it has cut its 2008 outlook for world economic growth for the second time this year -- a move that acknowledged housing and credit problems in the United States were exacting a heavy toll on the global economy.
The IMF now expects global growth to slow to 3.7 percent this year, down from its January forecast of 4.1 percent and lower still from the 4.8 percent rate it predicted in October last year.
Brown has called together a dozen leaders from centre-left parties, including South African President Thabo Mbeki, Australian Prime Minister Kevin Rudd, Austrian Chancellor Alfred Gusenbauer and Ghana's President John Kufuor, to discuss globalisation, climate change and reforms to global institutions at a conference outside London.
Adrian Croft and Sebastian TongReutersSaturday, April 5, 2008
The head of the International Monetary Fund gave a gloomy report on Saturday on prospects for the world economy to a dozen leaders debating how to respond to global financial turmoil.
IMF Managing Director Dominique Strauss-Kahn told a high-powered forum hosted by Prime Minister Gordon Brown that most of the downside risks to the world economy feared six months ago had now become reality.
"The forecasts we are going to release in a few days are not really improving," Strauss-Kahn said.
The IMF is due to release its twice-yearly World Economic Outlook next week, just before the IMF's spring meetings in Washington.
Earlier in the week, the IMF said it has cut its 2008 outlook for world economic growth for the second time this year -- a move that acknowledged housing and credit problems in the United States were exacting a heavy toll on the global economy.
The IMF now expects global growth to slow to 3.7 percent this year, down from its January forecast of 4.1 percent and lower still from the 4.8 percent rate it predicted in October last year.
Brown has called together a dozen leaders from centre-left parties, including South African President Thabo Mbeki, Australian Prime Minister Kevin Rudd, Austrian Chancellor Alfred Gusenbauer and Ghana's President John Kufuor, to discuss globalisation, climate change and reforms to global institutions at a conference outside London.
1 comment:
nice post. thanks.
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