Short for the International Monetary Fund, a part of the United Nations which encourages international trade and gives financial help to poor countries or countries in temporarily difficult economic situations
If the economic situation gets much worse, the government will have to ask the IMF to help by loaning us huge amounts of cash.
Short for World Trade Organisation, an international organisation that controls trade between countries
The Director General of the WTO says he's disappointed that talks in Geneva on trade liberalisation have not reached an agreement.
the actions of a country to help its trade or industry by taxing goods bought from other countries
The government sees these higher taxes on imported goods as a form of unfair protectionism.
global economic crisis
serious, negative financial situation which affects a lot of countries around the world
Almost all the major currencies have been affectedly by the current global economic crisis.