Masood Ahmed, Director of External Relations at the International Monetary Fund (IMF), this week issued the following statement relating to current developments in the financial market:
"The volatile weakening experienced in many equity markets during the past few days has underscored the burden that the current financial market turmoil represents for the global growth outlook. Moreover, the process of restoring financial market stability will be complex and protracted," he suggested, continuing:
"Thus, a significant 2008 slowing in the global expansion already appears inevitable, and downside risks still predominate."
"The United States has been most affected by recent economic and financial developments. Thus, today's 75 basis point reduction in the Federal funds rate was appropriate and helpful. Financial market prices are consistent at present with expectations of significant future rate declines."
Mr Ahmed concluded: "In any case, there is no doubt that the Federal Reserve will respond with alacrity to new fundamental and financial developments. In addition, targeted and timely fiscal measures could provide near-term support for demand."
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