Sabina Zawadzki
AFP
Friday, July 11, 2008

The world economy remains stuck “between the ice of recession and the fire of inflation”, IMF Managing Director Dominique Strauss-Kahn said on Friday.

Strauss-Kahn, addressing a conference in Ukraine’s Black Sea resort of Yalta, said the world financial market crisis was largely over, though its consequences would be felt for some time to come.

Emerging market economies, he said, were experiencing good growth, though inflation, linked to high oil and food prices, remained a serious problem.

“The biggest part of the crisis is probably behind us,” Strauss-Kahn said.

“Some parts could be still in front of us. The economic consequences of the crisis are obviously in front of us.”

He described the world response to the crisis as “broadly adequate. The central banks collaborated well together and finally they solved the question that avoided a crisis.”

But conditions in the world economy remained troubling.

Full article here

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