The International Monetary Fund’s chief economist described a "nascent" global recovery on Wednesday, but warned that US policymakers walked a tightrope in timing the end of the fiscal stimulus.
U.S. Secretary of State Hillary Clinton arrived in Lebanon on Sunday to pledge U.S.
Icelandic Prime Minister Johanna Sigurdardottir of the center-left Social Democratic Alliance has claimed victory in general elections triggered by the collapse of the Nordic nation’s economy. Sigurdardottir’s party, which has headed an interim government since February 1, was on course to win around 30 percent of the vote or 20 parliamentary seats, according to state broadcaster RUV. The Left-Green Movement, the Social Democratic Alliance’s coalition ally, was expected to win 14 seats, giving the coalition a controlling 34-seat block in the 63-member Icelandic parliament, the Althing
The global economy will shrink up to 2 percent, and rapidly approved stimulus plans worldwide could spark another crash in financial markets, World Bank President Bob Zoellick projected at a forum in Belgium Saturday. Zoellick said the World Bank, an international institution that offers aid to developing nations, projects a global economic decline between 1 percent and 2 percent
European leaders have agreed to make $100 billion available to the International Monetary Fund and ?50 billion ($68 billion) to eastern European countries, British Prime Minister Gordon Brown said Friday. The lending means Europe has “laid the foundations” for the G-20 summit in London in two weeks, Brown told a news conference in Brussels after a European Council summit
The global economic slowdown is so severe that the worldwide economy will contract for the first time in 60 years, the International Monetary Fund says. The total of goods and services produced around the world is projected to slump by 1 percent in 2009, compared with a 3.2 percent growth rate the year before. Leading the slump will be the world’s most developed economies, including the United States, Europe and Japan
Finance ministers from the Group of 20 industrialized and developing economies are meeting near London on Saturday to discuss a common approach on how to tackle the global economic crisis. The London G-20 summit on April 2 was initially going to focus on financial markets and regulation, but the deepening crisis around the world has highlighted the need for a broader economic package. This plan includes everything from stimulus packages to uneven interest rates, said Mark Malloch-Brown, British Prime Minister Gordon Brown’s envoy to the summit.