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IMF: Economic recession may last until 2010

IMF: Economic recession may last until 2010

06 March 2009 14:16 (UTC +04:00)

The IMF has already warned it is likely to cut its global 2009 growth forecasts into negative territory from an estimate of 0.5 percent growth it made in January.
"Our calculations suggest that the fall in GDP in the fourth quarter of last year and the first quarter of this year is the sharpest we can find in the post-war records," IMF First Deputy Managing Director John Lipsky told Britain’s Daily Mail newspaper.
Lipsky said there was a "pay-off" to nations acting simultaneously to boost domestic demand because it would also boost trade. He said monetary policy action was also needed to support the financial system.

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