Page last updated at 17:36 GMT, Wednesday, 8 October 2008 18:36 UK

IMF chief warns of 'tough times'


The chief economist of the International Monetary Fund has welcomed a cut in interest rates by six central banks as ''a step in the right direction.''

However, Olivier Blanchard told the BBC's Greg Wood that world economic growth will slow substantially this year, and only pick up modestly in 2009.


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