Thursday September 21, 2006

Global growth may be peaking : IMF

peakoil.com -> ft.com :

Global economic growth is at risk of peaking because of high oil prices and rising protectionist sentiment, warned Rodrigo de Rato, the International Monetary Fund's managing director. "The global growth cycle may be close to its peak," Mr de Rato said in his opening statement at the joint IMF and World Bank plenary session in Singapore. "The best hope for continued high growth lies in further increases to international trade. If this does not happen, the outlook is less encouraging."

Mr de Rato's statement came as the IMF approved a proposal to provide additional voting power immediately to China, South Korea, Mexico and Turkey and start a fundamental reform of the world body. The reform was approved with 90.6% of votes from member countries. The reform aims to balance IMF voting power in accordance with each country's economic weight in the world and launches a review of the underlying formula for calculating votes with a view to a more extensive overhaul within two years.

(2006-09-21 08:14:30 SGT) [Biz] Permalink

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