IMF's Koehler says world econ in recovery process

AUSTRIA - International Monetary Fund Managing Director Horst Koehler said on Thursday that the global economy had avoided recession and was now on a process of recovery.

"The overall picture is one of recovery. We expect that the U.S. will significantly improve in its economic activity in the first half and that in the second half it will significantly gain strength," Koehler told reporters after meeting with the Austrian National Bank governor Klaus Liebscher.

"We think that in Europe the dri