Financial Services Industry
Industry: Email Alert RSS FeedIMF forecasts perfect storm in wake of credit crunch.
Investment Adviser, December, 2007
The IMF has forecast a "perfect storm" that could engulf European and North American economies in the wake of the credit crunch.
Chief economist Simon Johnson said: "The combination of the global credit crunch and high oil prices could bring a big reduction in international trade from which no one would be immune."
In the US, Federal Reserve governors emphasised they were aware of the dangers posed to economic growth, signalling a further potential cut in interest rates at their next meeting.
Vice chairman Donald Kohn said: "Uncertainties about the economic outlook are unusually high right now. In my view, these uncertainties require flexible and pragmatic policymaking. We will act as needed to foster both price stability and full employment."...
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