No global recession likely - Fed's McDonough

US - New York Federal Reserve President William McDonough said on Thursday the chances of a world recession were extremely low, despite an expected slowdown in growth on the back of higher oil prices.

"The likelihood of a world recession is extremely low," he said in reply to a question from reporters at the end of a meeting of banking supervisors in Cape Town.

"The growth in the United States continues, the European Community is also growing and some of the emerging market economies are

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