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Trichet offers mixed assessment of world economy

Latest update : 2008-05-05

According to European Central Bank chief and G10 spokesman Jean-Claude Trichet, global growth is still strong owing to the resilience of emerging markets, though inflation risks remain a major threat.

Global growth is still strong owing to the resilience of emerging markets but inflation risks are significant, European Central Bank chief and G10 spokesman Jean-Claude Trichet said on Monday.
   
"At a global level, global growth remains significant despite the slowing down observed in a number of industrialised economies and clearly thanks to the remarkable resilience of a great number of emerging economies," said Trichet.
   
"We see ongoing growth at a significant level (...) even if somewhat lower than in the previous year," he added.
   
However, he also described inflationary risks as "significant" owing to oil, commodities and food price increases.
   
These increases in prices were being seen in "all economies without any exception," Trichet told reporters at a press conference after meeting with central bankers at the Bank for International Settlements in Basel.

Date created : 2008-05-05

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