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From the IMF
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Published: 13 years ago

From the IMF

'Major global downturn' says IMF

The world economy is entering a major downturn in the biggest financial crisis since the 1930s, said the International Monetary Fund (IMF).

In a hard-hitting report, the IMF warned the global economy was facing its most dangerous crisis for 70 years.

World economic growth will slow substantially this year, and only pick up modestly later in 2009, it said.

It warned the challenge for governments would be to stabilise economies while keeping a lid on inflation.

In its latest bi-annual World Economic Outlook report, the IMF said global economic growth would slow to 3.9% this year and then to just 3% in 2009 - its lowest level since 2002.

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