Worst financial crisis since 1930s - IMF

In its latest World Economic Outlook report, the IMF calls for strong and coordinated actions to avoid a “worse-case scenario”. The IMF expects growth in developed countries to be close to zero at least until the middle of 2009, while growth in emerging economies will slow to substantially lower rates than in recent times. "The financial crisis has clearly gotten worse, and no country will be fully immune from the effects on the real economy,” IMF's economic counsellor and research director Olivier Blanchard says. "The advanced economies are close to recession, and the recovery in 20...