IMF chief warns that worst is far from over
China Daily | Updated: 2009-06-16 08:09
LONDON: The head of the IMF yesterday questioned any debate about when to roll back stimulus spending, saying the world economy had yet to weather the worst of a recession that claimed a record number of European jobs.
The 16-country euro zone lost a record 1.22 million jobs in the first quarter, official data showed. Employment during the first quarter fell 1.2 percent year-on-year, the deepest annual drop since measurements started in 1995.
Even if some form of economic recovery is not far off, analysts say unemployment will climb for many months to come.
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