IMF: Developed economies have fallen into a "depression"

Dominique Strauss-Kahn, president of the International Monetary Fund (IMF), said in Kuala Lumpur on the 7th that developed economies have fallen into a "depression" and that the financial crisis will deepen if the banking system is not repaired.
Strauss-Kahn said at the meeting of the Governors of the Central Bank of Southeast Asia on the same day: "The worst possibility cannot be ruled out. There are still many downside risks in the world economy."
He pointed out that only the economic stimulus plan can not drag the world economy out of the recession. Only countries can make efforts to rebuild the banking system, the confidence of the banking system can be restored, and the world economy can get out of trouble. Governments should be prepared for “sufficient” interventions and take swift action in the sale or closure of bankrupt banks.
He also said that the importance of interest rates may be weakened in the future. Injecting liquidity directly into the market and restructuring the banking system may have a greater impact on demand than adjusting interest rates.
The IMF predicted on January 28 that the global economic growth rate will drop to 0.5% this year, 1.7 percentage points lower than the organization's November forecast, the lowest growth rate since the Second World War. The IMF also predicts that the economy of developed economies will see its first full-year negative growth since the Second World War this year, a drop of 2%, far greater than the 0.3% decline predicted by the organization in November last year.

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