11 Mar 2009

World faces 'Great Recession': IMF

6:32 am on 11 March 2009

The IMF says the world is gripped by a "Great Recession."

Managing Director Dominique Strauss-Kahn told delegates at a meeting in Tanzania on Tuesday that the agency expects global growth to slow below zero this year.

He also said there was now "a real risk that millions will be thrown back into poverty" across the African continent and that the economic crisis raised "the threat of civil unrest, perhaps even a war".