By David Uren - The Australian - March 20, 2009 01:47am
THE International Monetary Fund has issued a stark warning that the global recession will be even worse than its latest forecast of a 0.5 to 1 per cent contraction, unless strong measures are taken to save the world's banks.
Issuing its fourth set of revised forecasts in less than six months, the IMF said global production had fallen at an unprecedented annual rate of 5 per cent in the December quarter, while the economies of the advanced countries had contracted at an annual rate of 7 per cent.
The IMF said so far there was no sign of improvement.
"Trade volumes continue to shrink rapidly, while production and employment data suggest that the global activity continues to contract in the current quarter," it said.
"Notwithstanding a significant downward revision to the forecast, downside risks continue to dominate."
Read more...
Cheers
Marc
THE International Monetary Fund has issued a stark warning that the global recession will be even worse than its latest forecast of a 0.5 to 1 per cent contraction, unless strong measures are taken to save the world's banks.
Issuing its fourth set of revised forecasts in less than six months, the IMF said global production had fallen at an unprecedented annual rate of 5 per cent in the December quarter, while the economies of the advanced countries had contracted at an annual rate of 7 per cent.
The IMF said so far there was no sign of improvement.
"Trade volumes continue to shrink rapidly, while production and employment data suggest that the global activity continues to contract in the current quarter," it said.
"Notwithstanding a significant downward revision to the forecast, downside risks continue to dominate."
Read more...
Cheers
Marc
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