IMF warns of the dangers of global recession Gary Duncan, Economics Editor
World prospects have deteriorated sharply, with the US economy tipping into recession and a one-in-four chance of global recession, as the toll mounts from the “largest financial shock since the Great Depression”, the IMF said yesterday.
In a bleak assessment, the International Monetary Fund said the world was in the grip of a major financial crisis, fuelled by a US housing slump that continues full blast. It drastically cut its forecasts for the United States and other leading economies over this year and next in its latest World Economic Outlook.
G-7 finance chiefs will hold talks with private-sector bankers
They will meet in Washington on Friday to discuss a common response to the financial crisis. TOKYO: Group of 7 finance chiefs will hold discussions with a group of about 10 private-sector bankers at a meeting this week to help shape a response to the global credit crisis, a Japanese Finance Ministry official said Wednesday.
Can the Group of 7 fix the system itself? Dollar falls below 7 yuan
Reuters SHANGHAI: The yuan traded stronger than 7.00 against the U.S. dollar on Thursday for the first time in over a decade, underlining China's growing economic strength and its increasing use of the currency as a policy tool.
The milestone underlined China's growing economic strength and its increasing use of the currency as a policy tool.
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