IMF Chief: World in Grip of Great Recession

Mr Strauss-Kahn, the managing director of the International Monetary Fund, made the comments at the opening of a conference in Tanzania on the impact of the world financial crisis on Africa on Tuesday.

He said: “The global financial crisis, that might now be called the great recession, provides a sobering backdrop to our conference. The IMF expects global growth to slow below zero this year, the worst performance in most of our lifetimes,”