IMF warns of global slowdown from crisis

PARIS – The global financial crisis may have “extremely serious” consequences – including famines – in developing countries in Africa and Latin America, the International Monetary Fund (IMF) said yesterday.

IMF chief Dominique Strauss-Kahn said its World Economic Outlook to be published tomorrow would show a marked fall in growth. “The consequences country by country depend on the structure of their economies,” he told reporters at a conference of European and Latin American officials in Paris.”The consequences may be extremely serious because they will be counted in terms of famine or malnutrition in children,” he warned.The IMF’s number two official last month said the organisation was likely to predict in its World Economic Outlook that global growth would slip to three per cent late this year, down from five per cent in 2007.He said it could climb back toward 4 per cent in the course of 2009.Reports in late August said the IMF had dropped its world growth projections for 2008 to 3,9 per cent from 4,1 per cent, and to 3,7 per cent from 3,9 per cent for 2009.- Nampa-AFP”The consequences country by country depend on the structure of their economies,” he told reporters at a conference of European and Latin American officials in Paris.”The consequences may be extremely serious because they will be counted in terms of famine or malnutrition in children,” he warned.The IMF’s number two official last month said the organisation was likely to predict in its World Economic Outlook that global growth would slip to three per cent late this year, down from five per cent in 2007.He said it could climb back toward 4 per cent in the course of 2009.Reports in late August said the IMF had dropped its world growth projections for 2008 to 3,9 per cent from 4,1 per cent, and to 3,7 per cent from 3,9 per cent for 2009.- Nampa-AFP