IMF chief says double-dip recession unlikely

IMF chief says double-dip recession unlikely
AFP
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First Published: Mon, Sep 13 2010. 04 58 PM IST
Updated: Mon, Sep 13 2010. 04 58 PM IST
Oslo: International Monetary Fund (IMF) head Dominique Strauss-Kahn said on Monday he was confident developed economies would not fall back into recession but warned that recovery might not be strong enough to create jobs.
“We don’t believe that the double-dip will take place,” he said at a joint IMF-International Labour Organisation (ILO) conference in Oslo on “the challenges of growth, employment and social cohesion.”
“Of course, its impossible to be sure. You always have a tail risk. So I won’t say it’s absolutely impossible but really I don’t believe that is what is going to happen,” he said of the possibility of a post-crisis recession.
He however pointed out that the slow recovery could be insufficient to create jobs.
“What I am concerned about is growth that will be without a double-dip this but nevertheless a sluggish recovery,” he said.
“The point is to have a stronger recovery, and not only a stronger recovery, but I stronger recovery with jobs,” he added.
According to the ILO, the global economic crisis increased the number of jobless worldwide by about 34 million.
There are today some 210 million unemployed people worldwide.
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First Published: Mon, Sep 13 2010. 04 58 PM IST
More Topics: IMF | Recession | Dominique Strauss Kahn | ILO | Growth |