Sunday, February 15, 2009

IMF: "depression" in advanced economies.

From an article in the International Herald Tribune:
"The G-7's finance ministers and central bankers are meeting on Friday and Saturday before releasing a statement. On the agenda are how to thwart protectionism, overhaul financial oversight and end what the International Monetary Fund calls a depression in advanced economies."

This is the first time I've seen the word Depression used, in print, to directly describe the current world economic situation.

LINK
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