I asked Jim about the economic crisis and what we can expect - me - Jim's reply:"Even if recovery is stronger and faster than expected, it's still fragile," "The world is still a dangerous place."The global recovery was "uneven," Emerging economies like China and India were powering ahead while the recovery in wealthier nations was much more sluggish, highlighted by high unemployment and still weak private demand.The growing budget deficits of governments in wealthier countries were also a worry. Greece's debt crisis was serious, no other euro-zone countries that the IMF was especially concerned about at the moment.IMF and European Union officials this week began discussions with Greece over how to help the cash-strapped government. the government's tough budget cuts were extremely necessary and in Greece's own interest.The IMF in a semi-annual economic report released Wednesday predicted global growth of 4.2 per cent this year. But industrial nations would grow just 2.3 per cent, while developing countries will add 6.3 per cent in 2010.i credited global cooperation with helping to avert a depression in 2009 and said governments should continue working together as they overhaul financial regulation to prevent another credit crisis.Key elements of financial reforms should be agreed on the international stage by the end of the year, I suggesting President Barack Obama might be pushing too quickly for his own reforms in the United I also give my backing to a controversial tax levy against banks to "secure some resources" to help governments wind down failing banks in a future financial crisis without putting taxpayer funds on the line.Finance ministers from the world's leading economies will discuss the proposed bank levy and how to keep the economic recovery going when the IMF and World Bank hold their spring meetings this weekend.
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Originally Posted by Annie Was Here
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