King sees ‘no reason to despair’ over world economy


The governor of the Bank of England on Tuesday evening delivered a speech that attempted to cast a more positive light on the global and domestic economic situations.

On the same day as the International Monetary Fund published a gloomy World Economic Outlook Report in which it slashed world growth, King said he saw "no reason to despair" over the global economic situation.

The governor noted from the outset that 2012 was set to be a "challenging" year, with the output level more than 10% lower

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