The global economic recovery is liable to run out of steam and the risk of a double-dip recession remains real, billionaire investor George Soros said on Friday, a day after the U.S. economy returned to growth.
The world financial system needs to be reinvented to prevent a repeat of the crisis, Soros told a lecture in Budapest, calling for a new Bretton Woods conference to revise the IMF's methods of operation and consider new rules to control capital movements.
"I regret to tell you that the recovery is liable to run out of steam and may even be followed by a 'double dip,' although I am not sure whether it will occur in 2010 or 2011," Soros said. (more)
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