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IMF predicts prolonged, deep global recession
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| Contributor | kal |
| Last Edited | kal Apr 18, 2009 05:48am |
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| Category | General |
| Media | Newspaper - Daily Telegraph |
| News Date | Saturday, April 18, 2009 11:00:00 AM UTC0:0 |
| Description | "The current recession is likely to be unusually long and severe and the recovery sluggish," the IMF said in releasing two chapters from its twice-yearly World Economic Outlook (WEO).
The fund offered no timeline for a recovery from the first global recession in six decades.
The IMF also warned that "the decline in capital flows to emerging economies ... may be protracted, given the solvency problems facing advanced economy banks who provide significant financing to emerging economies."
Emerging economies in eastern Europe were particularly vulnerable because of the heavy presence of western European banks in their financial sectors and economies.
The IMF pointed out that past episodes of systemic banking stress in advanced economies, such as the Latin American debt crisis in the 1980s and the Japanese banking crisis of the 1990s, shows that the decline in capital flows tends to be "sizeable and drawn out".
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