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IMF sees beginning of global recovery late 2009

MADRID - IMF Managing Director Dominique Strauss-Kahn on Monday said he saw the beginning of a global economic recovery in late 2009 or early 2010 after a very difficult year. Strauss-Kahn said the International Monetary Fund would probably cut its current 2009 global growth forecast in January.

"2009 will be a very difficult year, the figures in January will probably be worse than the previous one," Strauss-Kahn said during a conference on Spanish-IMF relations. "The good news, with some exceptions, maybe a lot of exceptions, we can see the beginning of the recovery end of 2009, beginning of 2010, but there are a lot of downside risks," he added.

Lower China growth, unprecedented slowdown

The IMF could cut its forecast for Chinese 2009 economic growth to around 5 percent in its next revision as the global economy suffers an unprecedented slowdown, IMF Managing Director. In its last forecast released in Noember, the IMF had predicted that China's growth would fall to 8.5 percent in 2009 from 9.7 percent this year. November's forecast for 2009 was 0.8 percentage points lower than the IMF's previous forecast. "We started with China at 11 pct growth, then 8, then 7 then China will probably grow at 5 or 6 percent. The possibility of a global recession is real, we realize something must be done," "said Strauss-Kahn during a conference in the Spanish capital."We are facing an unprecedented decline in output and we have evidence of substantial uncertainty limiting the effectiveness of some fiscal policy measures," he said.

 

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Tags: global forecast growth recovery beginning

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