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IMF points to

IMF points to serious problems in the global economy

The world economy fell into a severe test of endurance for many years – its growth is slowing sharply, as rising prices for raw materials increases inflationary pressures. So says the first deputy head of the International Monetary Fund, John Lipsky.

According to "Reuters", in particular, D. Lipsky noted that the situation in financial markets would remain difficult even more than a year against a background of serious problems in the U.S. mortgage market, slowing economic growth and reduce banks' balance sheets.

"Commodity prices, which remained very high and volatile, increased the risks of inflationary effects, but the recent fall in oil prices should ease inflationary pressures in the short term in developed economies.'s Central banks in advanced economies could afford to keep rates on hold in regions with high real rates should think about reducing the price pressures, which further helps them to loosen monetary policy ", – said D. Lipsky.

He said the IMF expects world economic growth will slow in 2008 to 3,0% from 5,0% in 2007, and only in 2009, growth accelerated to 4,0%. However, D. Lipsky added that some of the specific indicators are still being revised and will be published in the World Economic Outlook Fund in October.

According to the latest IMF forecast made in mid-July, global economic growth should reach 4.1% in 2008 and 3,9% in 2009. In the U.S., where the crisis in the housing market continues to put pressure on consumption growth to be around 1,0% in 2008 compared to fourth quarter performance, and in 2009, growth should accelerate to 1.5%. In mid-July, the IMF predicted that growth of the U.S. economy in 2008 will amount to 0,3%, and in 2009 – 1,9%.

In the eurozone, according to the IMF, the economic growth of about 0,75% in 2008 and 1,5% in 2009 compared with 1,3% and 1,7%, projected in mid-July.

The growth of the economies of developing countries should make in 2008, slightly more than 6,0%, in 2009 accelerated to 7,0%. In July, the IMF predicted that the figure is 6,3% in 2008 and 7,5% in 2009.

According to D. Lipsky, despite the fact that the Fund expects commodity prices to remain high in real terms, growth slowdown and the recent fall in oil prices should help contain inflationary pressures in developed economies.

Recall, for January-July 2008 Ukraine's GDP grew by 6,5%. Thus the beginning of the year inflation in Ukraine was 14,8%.

Tags: 2008, 2009, economic, growth, july, lipsky, prices, should