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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Unemployment to peak in 8-12 months: IMF chief AFP - Tuesday, October 6 Send IM Story Print International Monetary Fund (IMF) managing Director Dominique Strauss-Kahn delivers a speech during the International Monetary Fund (IMF) and World Bank press meeting in Istanbul. World unemployment will not peak for at least another eight to 12 months at least as the economic recovery takes root, Strauss-Kahn said on Monday. ISTANBUL (AFP) - – World unemployment will not peak for at least another eight to 12 months at least as the economic recovery takes root, the head of the International Monetary Fund said on Monday. For all countries "it will take from now on at least eight to 12 months before unemployment will decrease," IMF managing director Dominique Strauss-Kahn said at a news conference on the eve of IMF and World Bank meetings in Istanbul. In advanced countries the peak could occur in 10 to 12 months, Strauss-Kahn said. He warned that unemployment lags economic recovery and was not expected to decrease very rapidly amid the worst economic crisis since the Great Depression. "The problem we are going to face in the coming year may be much more important, much more difficult to solve in low-income countries and some emerging countries than in advanced economies," he said. Compared with advanced countries, where the recession has meant a couple of percentage point changes in purchasing power or unemployment, in low-income countries "it goes to a question of life and death, or starvation," he said. Strauss-Kahn said the issue of how to fight unemployment was at the top of the agenda of a meeting held by the Development Committee, representing all 186 members of the Washington-based IMF and World Bank. Its decisions largely affect the strategic direction of the World Bank. Strauss-Kahn called for members to increase the resources of World Bank so it can aid developing and poor countries cope with rising unemployment. "What the World Bank, and for a much more limited part, the IMF can provide to these countries will be absolutely critical and that's why the question of resources is so important," he said. The question of resources for the IMF had been solved, "at least for a while," he said. "Now the question that is at stake is to find enough resources for the World Bank." The IMF on Thursday raised its projections for world economic growth for next year but warned that the recovery would be sluggish in most regions and employment would continue to rise. According to its semiannual World Economic Outlook report, IMF economists estimated growth of 3.1 percent in 2010, hiking its July forecast of 2.5 percent. The global economy was forecast to shrink 1.1 percent this year, the worst slump since World War II. The IMF forecast unemployment in advanced economies would rise to 9.3 percent in 2010 from 8.2 percent this year. It did not provide jobless projections for other types of economies. Recommend Send IM Story Print News Search Top Stories Furious farmers bring Brussels to a standstill Trio win Nobel Medicine Prize for research into ageing Unemployment to peak in 8-12 months: IMF chief Argentina mourns as folk legend Mercedes Sosa dies Brazil joins emerging-nation boost to IMF funds More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Mother in plea to Elton John over adoption plan T-Rex fails to impress Las Vegas bidders 13 million premature births worldwide: US charity Victorious F1 driver Vettel now looks to Brazil Nobel guessing game at fever pitch More Most Viewed » Ozone hole smaller in 2009 than 2008: WMO Nanoparticles could pose threat to humans: scientists Oldest hominid skeleton sheds light on human origins Implanted tooth helps blind US woman recover sight More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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