IMF sees long Iraq war slashing world growth


  • Business
  • Wednesday, 12 Mar 2003

BERLIN: The International Monetary Fund (IMF) sees a long war in Iraq cutting global economic growth by as much as two percentage points from a revised 2003 forecast of 3.3%, German business daily Handelsblatt reported yesterday. 

The newspaper said that in a copy of the IMF’s World Economic Outlook that it obtained ahead of a presentation in April, the international body warned of “serious economic consequences” from a war in Iraq and lower growth if it went on for a long time and spread to other regions. 

According to Handelsblatt, the IMF said a war could spark a global downward spiral if oil prices shoot up, consumer and investor confidence sink, and uncertainty in financial markets rises, with the American and euro-zone economies expected to be hit hardest. – Reuters  

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