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IMF warns of Great Depression

Posted By admin On December 23, 2008 @ 5:00 am In Featured Stories | Comments Disabled

AFP [1]
Tuesday, December 23, 2008

LONDON (AFP) — Britain edged ever closer to a recession on Tuesday and the IMF’s top economist warned of a second Great Depression, as stock markets awaited fresh US growth data in the hope of some Christmas cheer.

Britain’s economy shrank by 0.6 percent in the three months to September compared with the previous quarter, against a previous estimate of 0.5-percent contraction given last month, the Office for National Statistics said.

The IMF’s top economist, Olivier Blanchard, meanwhile said governments around the world should boost domestic demand in order to avoid a Great Depression similar to the downturn that shook the world in the 1930s.

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IMF warns of Great Depression 121208banner3 [2]

“Consumer and business confidence indexes have never fallen so far since they began. The coming months will be very bad,” Blanchard said in an interview with the French newspaper Le Monde.

“It is imperative to stifle this loss of confidence, to restart household consumption, if we want to prevent this recession developing into a Great Depression,” he added.


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URLs in this post:

[1] AFP: http://www.google.com/hostednews/afp/article/ALeqM5h6Os57hYEifFkfS0_4tWaYPMVJxQ

[2] Image: http://www.efoodsdirect.com/products.html

[3] Reports of another Great Depression were exaggeration – IMF: http://www.prisonplanet.com/reports-of-another-great-depression-were-exaggeration-imf.html

[4] JAPAN: “There has never been data this bad for any major economy – even in the great Depression”; “We are literally looking at the unimaginable”: http://www.prisonplanet.com/japan-%e2%80%9cthere-has-never-been-data-this-bad-for-any-major-economy-even-in-the-great-depression-we-are-literally-looking-at-the-unimaginable.html

[5] We Are in Age of ‘Late Great Depression’: Shiller: http://www.prisonplanet.com/we-are-in-age-of-%e2%80%98late-great-depression%e2%80%99-shiller.html

[6] US credit shrinks at Great Depression rate prompting fears of double-dip recession: http://www.prisonplanet.com/us-credit-shrinks-at-great-depression-rate-prompting-fears-of-double-dip-recession.html

[7] Renowned Economist Warns Of Severe Depression Without “Massive New Stimulus”: http://www.prisonplanet.com/renowned-economist-warns-of-severe-depression-without-massive-new-stimulus.html

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