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The cleanup of bank"s toxic assets has not been completed yet, and until this happens, there won"t be a recovery of the world"s economy, estimates the General Manager of the IMF, Dominique Strauss-Kahn.
"You never recover until you clean up the balance sheets of the banks. This has not been completely done," he told a World Trade Organization conference held in Geneva.
He added: "A lot has been done but a lot still has to be done. Depending on the speed of the cleaning of balance sheets of the financial sector, recovery will come sooner or a bit later".
In April, the IMF projected the global economy would shrink 1.3 percent in 2009, and that a 1.9% growth would come in 2010.
• Trade may recover relatively quickly
According to Dominique Strauss-Kahn, global trade could recover "relatively quickly", once the economy begins to grow again, as it is very likely that exports of the USA will be the first to get back on track. Strauss-Kahn emphasized that countries must be ready to benefit from an eventual increase in demand for exports. "Trade policies need to be already in place", concluded Strauss-Kahn.
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