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  • Think 2008 was bad? 2009 will be worse
  • By From Correspondents In London, England
  • The Herald Sun
  • 23/12/2008 Make a Comment
  • Contributed by: The Rooster ( 264 articles in 2008 )
THE head of the International Monetary Fund (IMF) has warned that the economic situation could get even worse in 2009 if governments fail to take firm enough action.

"Our forecasts are already very dark but they will be even darker if not enough fiscal stimulus is implemented," Dominique Strauss-Kahn told BBC radio.

"We see 2009 as really being a bad year, with recession for most advanced economies and growth decreasing for emerging economies."

The IMF has called for global fiscal stimulus of about two per cent of GDP, equivalent to about $US1.2 trillion ($1.76 trillion).

Mr Strauss-Kahn said he fears that recent initiatives, including that announced by the G20 in Washington last month, may not go far enough.

"I can see that some measures have been announced, but I'm afraid it won't go far enough," he said.

Mr Strauss-Kahn said he understands Germany's "reluctant" attitude to the steps announced by some countries including Britain, but added it will be best if all countries act together to "face the recession".

"I respect the traditional view of the Germans but nevertheless I think we are at a time when we should be a bit more imaginative than we have been in the past," the former French finance minister said.

Source: https://www.news.com.au/heraldsun/story/0,21985,24832688-5005961,00.html


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