The IMF’s New Direction
Roughly one year ago, the global economic situation looked grim: a severe global recession, massive wealth destruction, and declines in trade and employment. But a disaster of “Great Depression” proportions was averted, thanks to unprecedented economic-policy coordination by governments around the world, with the IMF now set to help ensure that it continues.
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WASHINGTON, DC – Roughly one year ago, the global economic situation looked grim: a severe global recession, sizeable wealth destruction, and declines in trade and employment. But a disaster of “Great Depression” proportions was averted, thanks to unprecedented economic-policy coordination by governments around the world. Continued cooperation, one hopes, will be the legacy of this crisis.