Monday, November 29, 1999

Fiscal worries pose major risk to world economy - IMF

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Increased financial market volatility, reflecting investor concerns over the fiscal health of European countries, pose a 'major downside risk' to the global economy, the International Monetary Fund said on Wednesday.In a note prepared for a June 4-5 meeting of the Group of 20 finance ministers but only published now, the IMF called for urgent action to restore policy confidence and address fiscal sustainability in advanced economies.It emphasized that said most advanced economies do not need to tighten policies before 2011 but should also not add further stimulus. Meanwhile, fast-growing advanced and emerging economies can start tightening policies now, it added.(Reporting by Lesley Wroughton; Editing by Theodore d'Afflisio)
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