IMF says the worst of the recession has not been weathered yet

On Monday the head of the IMF stated that the world economy have not gone through the worst of the recession, claiming a record number of European jobs.euro zone lost a record 1.22 million jobs in the first quarter, as official data reflected. The number of employed fell 1.2% year-on-year, that appeared to be the deepest annual decline since estimations started in 1995. In the USA statistics were little better. The factory sector in New York state plummeted at a more severe rate in June than the previous month, according to the New York Federal Reserve report.The New York Fed's "Empire State" general business conditions index fell to minus 9.41 in June from minus 4.55 in May. The manufacturing plants in the state research is one of the earliest monthly sign posts to US factory conditions.Experts are also underlining the fragile state of the global economy, naming China that is not to see a rapid rebound and South Korea the economy of which was still sliding, although the pace had slowed.However, G8 finance ministers meeting at the weekend in southern Italy described their economies in the most positive terms since the recessione of US bank Lehman Brothers nine months ago heightened the world's worst financial crisis since the Great Depression of the 1930s.