Global analysts are questioning whether the present economic turmoil will result in a fallout for emerging markets. Gloom deepens as fears of the whispered double dip intensify. Some analysts are predicting that the fall of the markets will be far greater that 2008/9.
Finance ministers and central bankers from the world’s 20 leading nations met on Thursday 21st, in Washington, D.C., for an economic summit and the annual meeting of the 187-nation IMF.
Head of the International Monetary Fund, Christine Lagarde said, “The current economic situation is entering a dangerous phase.” She urged the major nations to coordinate efforts to contain global risks.
There has been a decline in manufacturing activity in China and Europe and despite reassurances that Europe will weather the coming storm, businesses are bracing for slower growth. The shaky economies of countries in the European Union make it unlikely that they will have the ability to handle the deepening credit crisis.
Thursday saw panic selling on world stock markets on fears of a renewed global slump after the major economies of North America, Europe and Asia all sent out warning signals.
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