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Category Archives: International Monetary Fund

UK trade deficit in August – 2nd highest on record

The UK’s deficit on trade in goods and services increased to £4.2bn in August, from £1.7bn in July, according to the Office for National Statistics. This was the second highest figure on record for the total trade deficit. Our trade in goods deficit also widened to £9.8bn from £7.3bn in July. This was due to a drop in exports and … Continue reading

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Prospects for growth worsen

The Confederation of British Industry (CBI) has slashed its forecasts for growth in the UK. It had previously predicted that we would see growth of 1.3% this year and 2.2% in 2012, but these have now been reduced to only 0.9% this year and 1.2% next year. The CBI does not believe that we will slip back into recession this … Continue reading

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Will Greece bring the eurozone down?

There is a crisis in Europe at the moment as a result of the possibility of Greece defaulting on its debts. The euro has fallen in value and stock markets have dropped around the world during the last few days. Even the Chinese have expressed concern, because Europe is such an important market for them. Greece is a basket case, … Continue reading

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Call for new world currency by IMF

Dominique Strauss-Kahn, managing director of the International Monetary Fund (IMF) has called for a global currency based on the IMF’s Special Drawing Rights (SDRs). These were created by the IMF in 1969 and were initially intended to be the major asset to be held in foreign exchange reserves under the Bretton Woods fixed exchange rate system. However, the fixed rate … Continue reading

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International Monetary Fund powerless to act

The word ‘war’ has been on the lips of international negotiators in recent months. This is nothing to do with Afghanistan or Iraq, but is just as significant. This is about the possibility of a global currency war. There are imbalances in the global economy which were at the heart of the recent collapse of the world economy. What are … Continue reading

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Setback in global financial stability says IMF

Progress to restore global financial stability has suffered a setback in advanced economies, the International Monetary Fund said in its latest Global Financial Stability Report, with markets still sensitive to negative surprises. The IMF says that although we can continue to expect a recovery and a gradual improvement in financial stability, considerable risks still remain. These risks were summarized as: … Continue reading

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International Economic Update

The Federal Reserve Bank of Dallas has just published an International Economic Update by Patrick Roy. This examines the dramatic turnaround in growth in the second quarter in a number of emerging economies. Although the substantial growth in some Asian countries could be put down to strong trade ties with China and India, Roy points out that most of these … Continue reading

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Global recovery is under way

Global activity is rising again and is expected to reach 3 per cent growth next year, according to the World Economic Outlook which was published by the International Monetary Fund (IMF) today.   The IMF considers that growth has turned positive due to the wide-ranging and coordinated nature of government intervention which has helped to reduce uncertainty in financial markets. … Continue reading

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Poorest countries need to adopt a new approach

The UN Conference on Trade and Development (Unctad) has just published its “Least Developed Countries Report 2009”, which looks at the world’s 49 poorest countries.   The report says the Least Developed Countries (LDCs) need to focus macroeconomic policy on building up both the productive capacity of their economies and infrastructure. Also, they need to ensure that their fledgling banking … Continue reading

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IMF expects global recovery to be better than expected

The International Monetary Fund (IMF) now expects global growth to be 2.5% in 2010 as opposed to their earlier estimate of 1.9%. They expect this increase to be led by China and India and they still forecast that the global economy will shrink by 1.4% this year.   As far as the UK is concerned the IMF has reduced its … Continue reading

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