Home / Business Tools: Save | Print | E-mail | Most Read | Comment
IMF chief says recovery could emerge in 2010
Adjust font size:

The global recession may be ending and a recovery could emerge next year, Managing Director of the International Monetary Fund (IMF) Dominique Strauss-Kahn said here on Thursday.

IMF chief says recovery could emerge in 2010
IMF chief says recovery could emerge in 2010 [CFP]

"The freefall in the global economy may be starting to abate, with a recovery emerging in 2010," said Strauss-Kahn in a speech at the National Press Club.

But "this depends crucially on the right policies being adopted today," he noted.

He urged all countries to act together and immediately adopt policies aimed at ending the recession.

"Of course, the solutions differ by country, but there must be a coherent and coordinated response by the international community," said the chief of the 185-member IMF.

Strauss-Kahn said "2009 will almost certainly be an awful year -- we expect global growth to enter deeply negative territory."

"It originated in advanced economies, and spread like wildfire across the world," he said. "This is a truly global crisis, and nobody is escaping."

At the G-20 summit earlier this month in London, leaders from rich countries and emerging market nations focused on urgent actions needed to restore growth and on what must be done to repair some of the underlying problems that caused the world crisis.

IMF chief says recovery could emerge in 2010 [CFP]
IMF chief says recovery could emerge in 2010 [CFP]

Strauss-Kahn said he was happy the G-20 leaders had made progress on "three urgent priorities" -- the financial sector reform, fiscal stimulus, and financial support.

To fix the financial sector is essential to get the global economy moving again, he said. "Until this is done, attempts to restore demand are likely to falter."

The IMF has been recommending, as early as January 2008, a 2 percent of GDP discretionary loosening for countries that have the fiscal space to do so, according to the chief.

"Countries have largely delivered in 2009," he said. "But efforts need to be sustained in 2010, because we are not out of the woods just yet."

He also stressed that urgent actions should be taken on the financing front, "especially to alleviate pressures on emerging markets, to help them overcome the economic and social costs of the crisis."

"This is the area where the G-20 was boldest, agreeing to triple the IMF's lending capacity to an unprecedented 750 billion dollars," and "to at least double its concessional resources for lending to low-income countries."

"We now have the resources to make a difference," said Strauss-Kahn.

The chief's remarks on the current global crisis came a few days before the IMF holds its spring meetings with the World Bank on April 25-26 in Washington.

(Xinhua News Agency April 17, 2009)

Tools: Save | Print | E-mail | Most Read Bookmark and Share
Pet Name
China Archives
Related >>
- IMF set to get US$500 bln more funding
- IMF 'needs reform' to raise more funds
- Vice-premier: China will aid IMF bond scheme
- Vice-premier: China will aid IMF bond scheme

Apr. 11-12, Beijing The Fifth (2008) 'Gold Prize of Round table'of Chinese Boards of Listed Company
Apr. 17-19, Hainan The Boao Forum for Asia Annual Conference 20
Apr. 20-23, Beijing Green Transformation: Forcast New Business Culture
Apr. 27-28, Beijing China Institute Executive Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?