Credit crunch to hit hardest in 2008
Most of the impact of the global credit crunch will be felt in 2008 and the United States will be hardest hit, says International Monetary Fund Managing Director Rodrigo Rato.
World economic growth should remain high next year but looks set to be below the levels of 2006 and 2007 and downside risks increase the longer financial markets remain in crisis, Rato told a seminar in Madrid.
“Credit markets are correcting, but slowly, we aren’t at a stage of normality,” Rato said, adding that most countries should be able to cope with the financial conditions.
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