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IMF Forecast for Global Economy Mirrors Government's Pronouncements
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IMF Forecast for Global Economy Mirrors Government's Pronouncements
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Contact: John Emmanuel Wednesday,
October 10, 2001
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The International Monetary Fund (IMF) is warning of more adverse effects
on global economic activity and further downturns in forecasts growth, brought
about by the terrorist attacks on the US on September 11. According to an IMF
statement, the downturn in the global economy or a delay in the recovery of the
major economies was expected to have major impacts across the various regions. The statement pointed out that the potential effects on consumer and business confidence and on investment risk aversion would be substantial and would depend importantly on how countries adapted their policies to meet the challenges of the more difficult environment. Preliminary estimates it indicated have been made of the impact on world growth, but with the situation still volatile, the uncertainty associated with these estimates remained large. Under the most benign of scenarios the IMF said, the recovery in global activity would now be delayed. Substantial
downturns in growth in all regions and more volatile financing conditions for
most developing countries and transition economies was also being forecast.
Concerns over travel safety the statement noted, would hamper countries that
rely heavily on tourism revenue, such as the Caribbean. Prime
Minister Hon. Dr. Kenny Anthony says the IMF statement falls in line with
pronouncements by him and other government ministers over the past few weeks, on
the state of the St. Lucia economy and its relation to the global economy. |
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