">Forum Views ()
">Forum Replies ()
Read more with google mobile :
Global economy could contract in 2009: IMF
Yahoo!
My Yahoo!
Mail
Yahoo! Search
Search:
Sign InNew User? Sign Up
News Home -
Help
Navigation
Primary Navigation
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular
Secondary Navigation
Search
Search:
Global economy could contract in 2009: IMF
AFP - Wednesday, March 11
DAR ES SALAAM, March 10, 2009 (AFP) - - The global economy could contract for the first time in 60 years in 2009, International Monetary Fund Managing Director Dominique Strauss-Kahn warned on Tuesday.
ADVERTISEMENT
"The IMF expects global growth to slow below zero this year, the worst performance in most of our lifetimes," he said at the opening of a conference in Tanzania on the impact of the world financial crisis on Africa.
"Continued de-leveraging by world financial institutions, combined with a collapse in consumer and business confidence is depressing domestic demand across the world," Strauss-Kahn said.
Strauss-Kahn said last month that he expected zero global growth in 2009 and his institution released data that included a 0.5 percent growth forecast the month before that.
But as the crisis deepens, the IMF chief said, the latest projections being compiled would probably show the first global contraction in six decades.
"When we release our next package of forecasts at the spring session, that is to say in April, everything leads us to believe that it will indeed reveal a negative global growth for the first time in 60 years," he told reporters.
He revealed last week he saw no chance of a global recovery before 2010.
"Even though the crisis has been slow in reaching Africa's shores, we all know that it's coming and its impact will be severe," Strauss-Kahn said.
"And the threat is not only economic, there is a real risk that millions will be thrown back into poverty," he added.
The IMF has suffered from a massive shortfall in funds to address the crisis but Strauss-Kahn voiced confidence that the planned doubling of the institution's resources would be achieved at a G20 summit in London next month.
He said he had received several commitments, including one for 100 billion dollars by Japan.
"Last week, European leaders met in Berlin and decided to commit themselves to go in the same direction. I have also had some discussions with some other members so I am confident that by the time of the summit in April, the doubling of the resources of the IMF will be achieved," he said.
The IMF's sister organisation, the World Bank, also warned in a study Sunday that the global economy could shrink this year for the first time since World War II and that developing countries faced a shortfall of 270 to 700 billion dollars.
The shortfall comes "as private sector creditors shun emerging markets, and only one quarter of the most vulnerable countries have the resources to prevent a rise in poverty," the World Bank said in statement.
"We need to react in real time to a growing crisis that is hurting people in developing countries," said World Bank Group president Robert Zoellick.
"This global crisis needs a global solution and preventing an economic catastrophe in developing countries is important for global efforts to overcome this crisis."
Zoellick, who in February called for a fund to which each developed country would contribute 0.7 percent of its stimulus package to help poorer countries, urged more investment in safety nets, infrastructure, and small- and medium-sized companies.
Email Story
IM Story
Printable View
Blog This
Recommend this article
Average (1 vote)
Sign in to recommend this article »
Most Recommended Stories »
Enlarge Photo
Workers assemble steel rods at a construction site in Ho Chi Minh City. International Monetary Fund (IMF) chief Dominique Strauss-Kahn has warned that the global economy could contract for the first time in 60 years in 2009.
Most Popular – Top Stories
Viewed
Global economy near pick-up: G10 bankers
US calls on G20 to help bolster int'l demand: report
Chimp used planning skills to attack humans
World stocks spiral lower on fresh financial woes
Merck to buy Schering-Plough in latest pharma tie-up
View Complete List »
Search:
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular
Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved.
Privacy Policy
- Terms of Service
- Community
- Intellectual Property Rights Policy
- Help
Other News on Tuesday, 10 March 2009 Dalai Lama to demand Tibet autonomy, mourn past
| International
|
Iran says U.S. failing in Afghanistan
| International
|
Cubans wonder about military's growing role
| International
|
Sudan, North Korea among least free states: report
| International
|
Palestinian unity talks face low expectations
| International
|
Swiss man jailed for sex blackmail of BMW heiress
| International
|
Sudan can't fill gaps from expelled aid groups: U.N.
| International
|
YouTube to block music videos for UK users
| Technology
|
Microsoft's new system easier for browser switch
| Technology
|
Inventor says Google settles patent claim
| Technology
|
Cisco to unveil data center strategy next Monday
| Technology
|
Ad industry confronts grim research on spending
| Technology
|
Recession leads to cuts at Tribeca Film Festival
| Entertainment
|
Unique portrait of playwright Shakespeare unveiled
| Entertainment
|
U2 announces 2009-10 360 world tour
| Entertainment
|
Country music star Hank Locklin dies at 91
| Entertainment
|
China says U.S. naval ship was breaking law: report
| International
|
Palestinian unity talks face low expectations
Policeman killed in growing Northern Ireland violence
| International
|
U.S. sees only modest troop cuts in Iraq this year
Sri Lanka bombing kills 10, wounds cabinet minister
| International
|
Rights group demands freeze on West Bank quarries
Dalai Lama demands Tibet autonomy, mourns past
| International
|
Iran hangs man accused in kidnapping of Belgians
Japan opposition leader seeks to ride out scandal
| International
|
Brown vows N. Ireland peace 'unshakeable'
Iraq's women's minister to withdraw resignation
Italy high court to rule on CIA kidnap case
| International
|
Ford workers agree to cost-cutting: union
U.N.'s Ban, Bill Clinton urge Haiti to seek recovery
| International
|
Merck to buy Schering-Plough in latest pharma tie-up
North Korea relents on crossing border to factory park
| International
|
Obama lifts Bush ban on stem cell research
Arab role needed to solve Iran nuclear issue: ElBaradei
| International
|
Four peacekeepers wounded in Darfur attack
| International
|
Global economy near pick-up: G10 bankers
Salazar calls for solar, wind energy zones
Canada says new NATO chief doesn't have to be European
US general says no further withdrawals planned
YouTube to block music videos for UK users
| Technology
|
Obama lifts restrictions on stem cell research
US-TECH Summary
YouTube to block music videos for UK users
Toshiba moves solid-state drive assembly offshore
| Technology
|
Obama musters campaign army for economic fight
TED begins hunt for remarkable fellows
Ad industry confronts grim research on spending
Cisco to unveil data center strategy next Monday
Bebo launches US social-networking website for Latinos
NY Times raises cash to pay down debt
Palm moves to bolster capital ahead of Pre launch
Nokia takes on Apple in online software "arms race"
US-TECH Summary
Nokia takes on Apple in online software "arms race"
U2 album sales near 500,000 in U.S.: manager
| Entertainment
|
Aussies play party poopers with epic upset
Pentagon: Chinese vessels harassed unarmed ship
Japan to help train ETimor's military personnel
Michael J. Fox hosts special on hope
| Entertainment
|
Dalai Lama to demand Tibet autonomy
Chicago and Earth, Wind & Fire team for summer tour
| Entertainment
|
Pakistan crisis deepens with march, talk of arrest
White House: US will operate in South China Sea
China drives home rejection of 'Western' democracy
NKorean premier to visit China: state media
Dalai Lama to lament past and lift hopes in key speech
Pakistan: Opposition chief comes close to treason
Julia Roberts to produce 'Jesus Henry Christ' comedy
US Treasury chief to meet Chinese FM
Stocks reel as Japan sinks further
First China-assembled Airbus set for June delivery: report
Car sales in India up but don't call it recovery
'Watchmen' dominates box office
YouTube blocks premium music videos in Britain
Muziic turns YouTube into rich source for songs
Rapper "C-Murder" jailed after alleged violation
Utah to make it easier to buy alcohol in bars
Police seize more than $1 million from Phish fans
'Watchmen' triumph at weekend box office
Recession leads to cuts at Tribeca Film Festival
Oprah shares her magazine cover with the other 'Mrs O'
Bernstein heirs give studio items to Indiana U
Iran says U.S. still warmongering
| International
|
Palestinian factions begin unity meeting in Cairo
U.S. allies told to review role in secret renditions
| International
|
Sudan seeks options to get war crime warrant lifted
Stem cell go-ahead puts Obama at odds with pope
| International
|
Suicide attack in west Baghdad kills up to 33
Suicide attack in west Baghdad kills up to 33
| International
|
Fed chief wants 'forceful' action to stem crisis
Suicide bomber kills 25 near Baghdad
Global economy could contract in 2009: IMF
Mugabe urges support for Tsvangirai
| International
|
Suicide attack in western Baghdad kills 28
World faces 'Great Recession': IMF chief
U.N. war on drugs seen failing to curb abuse
| International
|
Karzai trip may help Iran join US-led Afghan talks
No return to NIreland 'old days': British PM
EADS soars back in the black with 2008 profit
Biden sounds out NATO allies on new Afghan strategy
Chimp used planning skills to attack humans
Time running out for US troops in violent Mosul
EU relations 'under strain' over credit crunch: Miliband
Bankruptcy pressure mounts as officials visit Detroit
Report slams crude effort to fight Web militants
| Technology
|
India's own Google Earth causes security worries
| Technology
|
American Idol heads to iPhone
| Technology
|
Stardoll and Piczo sites combine
| Technology
|
Nokia takes on Apple in online software arms race
| Technology
|
Odierno: No sign Iraqis will ask US to stay
India's own Google Earth causes security worries
Obama eyes sweeping overhaul of education
Report slams "crude" effort to fight Web militants
Stem cell go-ahead puts Obama at odds with pope
Stardoll and Piczo sites combine
China tells US to stop 'illegal' naval activities
Toshiba moves some memory device assembly offshore
"American Idol" heads to iPhone
NKorea reopens SKorea border despite tension
Madagascar opposition leader quits French residence
US Marine dies in noncombat incident in Iraq
Google software bug shared private online documents
NIreland faces 'abyss' after new killing
Guantanamo inmates claim 9/11 planning: report
Continuity IRA claim N.Ireland police killing: report
Obama lifts Bush ban on stem cell research
Sarkozy wraps up Mexico visit hailing closer ties
Watchmen falls short of expected box office take
| Entertainment
|
Jane Fonda marks return to Broadway after four decades
| Entertainment
|
Unique portrait of playwright Shakespeare unveiled
| Entertainment
|
American Idol heads to iPhone
| Entertainment
|
Rebecca Romijn casts spell in Eastwick
| Entertainment
|
NKorea slams Japan over kidnap issue
SKorean freighter feared sunk with 16 crew off Japan
Sri Lanka suicide blast kills 14, wounds minister
Dalai Lama: Tibet in 'constant fear' under China
Dalai Lama: Tibetans live in 'constant fear'
China: UN should consult Sudan as groups expelled
NKorea reopens border to stranded SKorean workers
Michael J. Fox hosts special on hope
NKorean cargo ship collides with SKorean boat
Report: China-made auto sales up 25 pct in Feb
China judge says stability is this year's priority
HK regulators launch inquiry into sudden HSBC drop
Dalai Lama says Tibet 'hell on earth' under China
Philippine Airlines boosts flights to Canada, US
Taiwan dollar logs biggest gain in almost 3 months
Malaysia announces 16.2 billion dollar stimulus package
Leno to give free show for Michigan's unemployed
US-ENTERTAINMENT Summary
China consumer prices fall for 1st time in 6 years
Rebecca Romijn casts spell in "Eastwick"
Kazakhs draw up unemployment plan
"American Idol" heads to iPhone
China prices drop, Japan stocks hit fresh 26-year low
Jane Fonda marks return to Broadway after four decades
World's most expensive city rankings upset
Anna Nicole Smith's estate seeks high court help
China Eastern Airlines seeking more government aid: company
CORRECTED: Unique portrait of playwright Shakespeare unveiled
Singer in Hong Kong sex photos launches comeback
Indonesian pilot: Jammed steering led to '07 crash
Row after French director compares illegals to war-time Jews
Nul points? Russian Eurovision song stirs criticism
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights