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Business-Economics

IMF meeting on US economy

Published on 04-10-2008

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Source: CCTV International

An expert with the I-M-F says the US economic crisis is posing a major threat to global growth. Charles Collyns, Deputy Director in the International Monetary Fund's Research Department, is calling for effective measures to contain the damage to the banking systems in the US and Europe.

Charles Collyns, Deputy Director of IMF Research Department, said, "It is now all too clear that we're seeing the most dangerous shock to the mature financial markets since the 1930s, posing a major threat to global growth. Even though past periods of financial stress have not necessarily been followed by a recessions, we find that when the banking system suffers major damage as in the current episode, the likelihood of a severe and protracted downturn in activity increases. To limit the fallout on the real economy, it is therefore of paramount importance that the damage to the banking systems in the United States and Europe is swiftly contained by far-reaching and comprehensive measures."

The IMF is expected to release its World Economic Outlook on October 8th, two days prior to the IMF-World Bank annual meetings in Washington, DC. US stocks extended losses on Thursday, shortly after trading began for the day. The Dow Jones industrial average was down over 231 points, or 2.13 percent. The Standard & Poor's 500 Index and the Nasdaq Composite Index also dropped more than 2 percent.