Thursday, March 12, 2009

World in grip of 'Great Recession', IMF warns

The world is now in the grip of the "great recesssion" and global economic growth could dip below zero for the first time in sixty years, said Dominique Strauss-Kahn, the head of the IMF.

Mr Strauss-Kahn, the managing director of the International Monetary Fund, made the comments at the opening of a conference in Tanzania on the impact of the world financial crisis on Africa on Tuesday.

He said: "The global financial crisis, that might now be called the great recession, provides a sobering backdrop to our conference. The IMF expects global growth to slow below zero this year, the worst performance in most of our lifetimes,"

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