IMF chief believes worst is over
The worst of the world’s financial crisis is over – that’s the view of Dominique Strauss-Khan, the managing director of the International Monetary Fund (IMF).
Speaking to a European Parliament committee in Brussels, Mr Struass Khan did, however, warn that the effects of the global credit crunch would be felt by the world economy for some time to come.
“There are good reasons to believe the worst news is behind us,” he said.
The IMF painted a gloomy picture of the global economy in April, predicting that world economic growth would slow to 3.7 per cent in 2008 and 2009 – 1.25 per cent lower than the rate seen in 2007.
The situation would, the IMF said, be far worse in the US, where growth would slow to just 0.5 per cent throughout 2008, and would suffer a mild recession in the first half of the year.
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