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World in grip of 'great recession', warns IMF
The world is in the grip of a "great recession" in which the global economy could shrink for the first time since the Second World War, the International Monetary Fund (IMF) warned today.
In his bleakest assessment yet, Dominique Strauss-Kahn, the head of the IMF, said that the global financial meltdown was set to be worse than even previous pessimistic forecasts.
"The IMF expects global growth to slow below zero this year, the worst performance in most of our lifetimes," he said.
Speaking at a gathering of African finance ministers in Dar es Salaam, he said: "Continued deleveraging by world financial institutions, combined with a collapse in consumer and business confidence, is depressing domestic demand across the globe, while world trade is falling at an alarming rate and commodity prices have tumbled."
The crisis, he added, was now best dubbed a "great recession".
Mr Strauss-Kahn's comments come amid a growing consenus that the meltdown, which is tipping global unemployment towards the 50 million mark, is set to be more prolonged and deeper than expected.
They also emerged ahead of a meeting in London, this weekend, of finance ministers from the G20 nations to devise measures to pull the global economy back from the edge.
On Sunday the World Bank predicted that the world economy would contract this year by at least 1 per cent. It also warned that global trade would contract for the first time since 1982.
Yesterday Warren Buffett, the revered investor, further underscored the bleakness of the situation, describing the meltdown as an "economic Pearl Harbor".
The IMF had already revised down sharply its own predictions for economic growth, to 0.5 per cent from 2.2 per cent.
Most big economies are offically in recession.The UK is expected to be the worst hit of the major EU economies, with the British jobless total set to hit 2.55 million by the end of the year.
PricewaterhouseCoopers recently told its clients to ensure their business can bear a 5 per cent decline in the economy this year.
That would be the biggest peacetime fall in output since 1931.
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