(12 Apr 2016) World finance officials who meet in Washington this week confront a bleak picture: Eight years after the financial crisis erupted, the global economy remains fragile and at risk of another recession.
"Growth has been too slow for too long," Maurice Obstfeld, chief economist of the International Monetary Fund, warned on the eve of the spring meetings of the IMF, the World Bank and the Group of 20 major economies Thursday through Saturday.
The IMF on Tuesday downgraded its outlook for growth for most regions and for the global economy as a whole. It now foresees a weaker financial landscape than it did in January. Like the World Bank and the Organization for Economic Cooperation and Development, the IMF has repeatedly overestimated the strength of the world economy in the aftermath of the 2008 financial crisis.
Obstfeld expressed concern about volatility in financial markets, the refugee crisis caused by violence in the Middle East and the possibility that the United Kingdom will leave the European Union - a prospect that could undercut Europe's political and economic stability.
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