WORST OF CRISIS MAY BE YET TO COME: IMF CHIEF
By Daniel at 15 June, 2009, 9:58 am
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
The head of the IMF questioned on Monday any debate about when to roll back stimulus spending, saying the world economy had yet to weather the worst of a recession that claimed a record number of European jobs.
The 16-country euro zone lost a record 1.22 million jobs in the first quarter, official data showed. Employment during the first quarter fell 1.2 percent year-on-year, the deepest annual drop since measurements started in 1995.
Even if some form of economic recovery is not far off, analysts say unemployment will climb for many months to come.
Underlining the fragile state of the global economy, an influential economist said China would not see a rapid rebound and South Korea’s finance minister said its economy was still sliding, although the pace had slowed.
…
“Their (G8) stance is that we are beginning to see some green shoots but nevertheless we have to be cautious,” International Monetary Fund chief Dominique Strauss-Kahn said during a visit to Kazakhstan. “The large part of the worst is not yet behind us.”
http://www.cnbc.com/id/31364629
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
No comments yet.