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Global Economy Passed The Worst, IMF Chief Says 78 days ago
(RTTNews) - The global economy has passed the worst due to the rapid policy response and unprecedented policy cooperation, International Monetary Fund Managing Director Dominique Strauss-Kahn said Monday.
"The storm has passed. The worst has been averted," Strauss-Kahn said, according to text of a speech to be delivered at the Confederation of British Industry Annual Conference in London. "Thanks to a bold and rapid policy response, delivered in an atmosphere of unprecedented policy cooperation, global economic activity is rising again."
However, he said the global economy remains very much in a holding pattern - stable, and getting better, but still highly vulnerable. He noted that the major advanced country areas remain fragile, still dependent on policy support. Financial conditions have improved, but are far from normal.
Although confidence is returning, the banking sector in many advanced economies remain undercapitalized, weighed down by leaden legacy assets and, increasingly, non-performing loans. On the household side, weak financial positions and high unemployment will damp down on consumption for some time. And large public deficits add to vulnerabilities, he said.
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