IMF's Rato upbeat on global economy

New IMF chief Rodrigo Rato has given an upbeat assessment of the global economy, also pledging to listen more to the developing world and to review the crisis in Argentina.

'We don't see a risk of a downward spiral,' he said. Rato acknowledged that crude oil prices are likely to be about $5 a barrel higher than expected when the IMF drafted its World Economic Outlook in April, but said this is unlikely to have a major impact because 'our economies are more efficient' and growth is stronger

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