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September 30, 2009    

IMF: Recovery ahead but risks remain

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by Kay Murchie

The International Monetary Fund’s (IMF) Global Financial Stability Report has provided a positive assessment of the global economy.

It has cut its amount likely to be written off globally in bad loans and investments by $600 billion to $3.4 trillion (£2.1 trillion).

According to the IMF, co-ordinated efforts by Governments and Central Banks have helped reduce the losses.

The organisation also revised its forecast after it said the global economy is growing faster than expected.

However, expressing a note of caution, Jose Vinals from the IMF said: “We are on the road to recovery, but this does not mean that risks have disappeared.”

The report added: “There is growing confidence that the global economy has turned the corner, underpinning the improvements in financial markets.”

Meanwhile, the IMF is due to publish its World Economic Outlook report later this week and is expected to forecast global economic growth next year to 3%, up from 2.5%.

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