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IMF Warns of Global Recession Risk Amid Turmoil
IMF reports worldwide economy slowed to 2 percent growth in 1998 with a rebound to 2.5 percent in 1999, warns that a deeper, broader downturn remains possible if the U.S. weakens. Asia’s crisis, Russia’s collapse, and Latin American strains drive job losses and output losses totaling $600 billion to $800 billion. The United States faces a rising trade deficit and slower growth, justifying the Fed’s rate cut.
MENTIONED IN THIS ARTICLE
Washington
Canada
International Monetary Fund
U.S
IMF
Asia
Thailand
Indonesia
South Korea
Russia
World Bank
United States
Michael Mussa
Federal Reserve
Japan