IMF: Global economic recovery has started

IMF: Global economic recovery has started

IMF: Global economic recovery has started

Olivier Blanchard, International Monetary Fund’s chief economist, has said that the global economic recovery has begun but sustaining it will require refocusing the United States toward exports and Asia toward imports.

According to Blanchard the turnaround will not be simple as the crisis has left deep scars, which will affect both supply and demand for many years to come.

The IMF chief economist said US consumption, which accounts for about 70% of the US economy and a large chunk of global demand, would not quickly return to pre-crisis strength as households cope with trillions of dollars in losses from the falling housing and stock markets.

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