"It's not all doom and gloom." Thus says Mme Lagarde, head of the I.M.F.
Of course, she has grounds to be optimistic. Although the IMF predicts a
probable downward trend in the Eurozone this year, maybe 0.5 percent GDP,
the picture for the rest of the world looks pretty healthy.
China with growth of around 8 percent will probably achieve a soft-landing,
and average to good growth for Brazil, Russia, South America, South Africa and
It will be interesting to see what Dr. Zoellick of the World Bank says.