22 October 2008 19:13 [Source: ICIS news]
WASHINGTON (ICIS news)--The multinational effort to revive the global financial system likely will succeed, and the US economy should see a recovery in the second half next year, the International Monetary Fund (IMF) said on Wednesday.
The fund, the private sector lending arm of the World Bank, also said it expects Latin American nations will weather the global downturn to see trend growth in 2009.
In its latest economic outlook for the ?xml:namespace>
The fund said it expects global growth will fall to its slowest pace since the 2001-2002 recession. “However, authorities around the world have taken further, massive and increasingly coordinated corrective actions,” the fund said.
The IMF said its outlook “anticipates that these [measures] will be successful in stabilising financial conditions”.
“However, it will take time under any rescue plan to restore the proper functioning of credit markets,” the fund said. That means that the restorative effect of the rescue efforts will not be seen immediately, at least not in the
Economic growth in the
That combination of three major economic shocks could create near-recessionary conditions for
“The LAC region is expected to deal with the current global shocks better than in previous crises,” the fund said, because many countries in Latin America and the
The full IMF regional economic outlook for the
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