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DAR ES SALAAM - The International Monetary Fund warned on Tuesday that the world economy will likely contract this year in a Great Recession and African leaders said the financial crisis could undo hard-won social-economic gains.

The International Monetary Fund on Monday warned that the world economy will likely contract this year in a Great Recession and African leaders said the financial crisis could undo hard-won social-economic gains.

The world economy is likely to shrink to below zero this year, in what many are now referring to as the Great Recession, the head of the International Monetary Fund said on Tuesday.

The global economy may be nearing a turning point although financial markets are still underestimating the potential for a recovery, top central bankers said on Monday.

The European Union is set to back an International Monetary Fund call for $500 billion to fight the global financial crisis, a document showed on Monday as Japan posted its first current account deficit in 13 years.

The IMF gave itself a scathing review for its mistakes in spotting the roots of the global crisis and acknowledged it fell short in its job as the world's global financial overseer.

The global economic downturn will be considerably deeper than even the International Monetary Fund forecast a month ago, the Organization for Economic Co-operation and Development's chief economist Klaus Schmidt-Hebbel told Reuters.

The global economic downturn will be considerably deeper than even the International Monetary Fund forecast a month ago, the Organization for Economic Co-operation and Development's chief economist Klaus Schmidt-Hebbel told Reuters.

The global financial crisis is the worst economic downturn in living memory and the EU is providing a lot of aid to those new European Union members who have been hit particularly hard, EU officials said on Monday.

The International Monetary Fund and the world's big development banks warned on Friday that emerging and developing countries that lack deep pockets to protect themselves against the crushing impact of a global financial crisis may need help soon.

By Julian D W Phillips Most commenators we now read are taking the potential IMF Gold Sales as a foregone conclusion, says Julian Phillips of the Gold Forecaster...But the International Mo...

China will stick with a 'tight' monetary policy as the increasing pressures of inflation and economic overheating, said nation's central bank chief Zhou Xiaochuan.

The International Monetary Fund lowered its outlook for global growth in 2008 and predicted a modest U.S. recession on Tuesday, citing pressure to housing and financial markets.

By Jon A. Nones SEATTLE (ResourceInvestor.com) The Executive Board of the International Monetary Fund has endorsed a new package of measures to shore up finances, which includes the previo...

The total losses from the worldwide financial crisis affecting credit markets could reach nearly $1 trillion over the next two years, the International Monetary Fund said on Tuesday.

Commodity Online NEW DELHI: Do you know how much of gold is going to enter the market soon? Around 12.97 million ounces of gold is all set to come to the market with the International Monet...

UK Prime minister Gordon Brown warned international leaders on Friday about the severity of the current financial crisis, adding that reform of global financial institutions was necessary.

Gold futures fell sharply on Monday, the most in almost two weeks after the U.S. said it supports limited sales of gold reserves held by the International Monetary Fund.

The head of the International Monetary Fund on Monday warned that an "earthquake" in credit markets may have been so severe the global economy tips into recession, ending a five-year boom.

Fiscal policy makers from the Group of Seven meeting this week in Washington this week did not specifically address the issue of the dollar trading near all-time lows versus the euro in recent weeks.

With global economic growth waning and a credit crunch threatening, finance chiefs from rich nations were gathering on Friday to mull how to control strains in financial markets and keep expansion going.

The next head of the International Monetary Fund said on Monday that the multilateral organisation created to assist the world economy after World War Two needed to adapt to a new global economic order and downsize or die.

Former French finance minister, Dominique Strauss-Kahn, is expected to be named on Friday as the next head of the International Monetary Fund, continuing a six-decade tradition in which a European leads the world body.

The International Monetary Fund (IMF) on Wednesday said it expected Chilean economic growth to slow to 5.3 percent next year from 5.8 percent in 2007, but said the economy was well placed to weather external shocks.

The International Monetary Fund (IMF) on Wednesday said it expected Chilean economic growth to slow to 5.3 percent next year from 5.8 percent in 2007, but said the economy was well placed to weather external shocks.

Turmoil in global credit and money markets will likely continue as investors worry about the size of financial losses and where they might arise, the International Monetary Fund said on Monday.

Most of the impact of the global credit crunch will be felt in 2008 and the United States will be hardest hit, International Monetary Fund Managing Director Rodrigo Rato said on Monday.

Fear is still affecting world financial markets, former Federal Reserve Chairman Alan Greenspan said in an interview released on Sunday in which he also backed France's candidate to head the IMF.

Brazil wants to see an open race to head the International Monetary Fund, Finance Minister Guido Mantega was quoted on Friday by Russia's RIA-Novosti news agency as saying.