Tuesday, March 10, 2009

IMF warns of Great Recession [Better late than never eh...]

NVDL: Of course on blogs like mine, we've been saying this for a few weeks. We have paid a price for being 'positive' and 'optimistic' rather than appropriately realistic. We will continue to pay a price for these errors in judgement, in response and in 'reasoning' for possibly decades to come.
clipped from www.sowetan.co.za

The International Monetary Fund is warning that the world economy will likely contract this year in a “Great Recession”.

Meanwhile, African leaders are concerned the financial crisis could undo hard-won social-economic gains.

“The IMF expects global growth to slow below zero this year, the worst performance in most of our lifetimes,” IMF Managing Director Dominique Strauss-Kahn told African political and financial leaders in the Tanzanian capital Dar es Salaam.

“Continued deleveraging by world financial institutions, combined with a collapse in consumer and business confidence is depressing domestic demand across the globe, while world trade is falling at an alarming rate and commodity prices have tumbled,” Strauss-Kahn added.

That forecast may “even be too optimistic”, he said.

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