IMF Sees Further Losses

The International Monetary Fund says that losses to financial institutions are likely to climb.Losses from toxic assets will be a potential four trillion dollars.More capital will have to be raised-up to 1.7 billion dollars of it.The banking system is still not stabilized.The global financial system will be damaged for years to come.In the IMF's view,the current outlook is exceptionally bleak.The U.S. economy will drop 2.8% in 2009;Japan's will decline 6.2%;and trade volume will slip by 11%.China will grow 6.5%,which is less than half of its growth rate of two years ago.Recovery is unlikely to begin until 2010.Unemployment will rise until late 201o,the IMF projects.