Washington, Sept 16: The managing director of the International Monetary Fund has said he expected a global economic recovery led by the United States based on what he sees in financial markets. IMF Managing Director Horst Koehler, briefing reporters before the fund's annual meetings in Dubai next week, said he was optimistic for a gradual recovery but the world's economy was "not out of the woods" and there was no room for complacency.
"We are not out of the woods but we are also clearly in a better situation than earlier this year," he told reporters.

He said there was some concern that expectations of better economic times ahead could be dashed by weaker-than-expected corporate profits or a reversal in interest rates from lows.
"Altogether we feel the financial markets are on the upside looking forward," he said.
Global equity markets and business and consumer sentiment, anticipating an economic recovery, have improved since March, factors that tend to prompt a stronger economy. Bureau Report