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IMF says global unemployment still to peak

IMF says global unemployment still to peak article image
Global unemployment will continue to grow for another 8-12 months until economic recovery is stable, according to International Monetary Fund (IMF) managing director Dominique Strauss-Kahn. The lag would be particularly problematic for low income countries, he said: "The problem we are going to face in the coming year may be much more important, much more difficult to solve in low-income countries and some emerging countries than in advanced economies [because] it goes to a question of life and death, or starvation." Strauss-Kahn indicated that the World Bank needed to be well-funded to assist developing and underdeveloped countries. "What the World Bank, and for a much more limited part, the IMF can provide to these countries will be absolutely critical and that's why the question of resources is so important," he said.

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