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Ex-IMF chief: Asia will ride out crisis

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October 8, 2008

Ex-IMF chief: Asia will ride out crisis
Former chief of the International Monetary Fund (IMF) sees the Asian region, including the Philippines, weathering the worst financial shock in decades in the United States arising from defaults in its high-risk sub prime home loan sector, reported Philippine daily the Manila Times.

Michel Camdessus, former IMF managing director, said the world’s monetary leaders have to act together in helping restore investors’ confidence in the struggling financial markets, adding the global economy will grow only 3 percent this year and next.

“If world leaders coordinate well their actions, to immediately establish confidence and start working in a credible fashion in reforming their national architecture, then I would not rule out that sometime before the end of next year the world could recover,” Camdessus told reporters after opening the Seventh Management Association of the Philippines Conference in Manila.

“I could go on record on that—that I don’t expect Asia to go on recession,” he added.

With the credit squeeze still spreading, the IMF recently warned that the US economy is entering a recession and world growth deteriorating so sharply a global recession is also in view. The IMF estimated the crisis would cost the global financial system nearly $1 trillion.

The IMF and World Bank urged efforts to address the food crisis that is stoking violence and political instability, and the longer-term needs of development and poverty reduction.

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