“We still expect a recovery of global economic growth to emerge in first quarter 2010, and the premises could be visible in October, November or December 2009”, Strauss-Kahn said.

Nevertheless, he outlined that risks remained high, but further policy actions especially in the financial sector would be essential to induce this recovery.

The statements of IMF official come shortly after Germany announced that national economy contracted in first quarter of 2009 by a seasonally adjusted rate of 3.8%, the steepest decline in gross domestic product in over 40 years, while in Austria, the GDP fell 2.85p in Q1 versus a quarter earlier and 3.6p YoY.

The preliminary data on Hungary’s economy revealed a 2.3p monthly reduction and 5.8p year on year.

France’s GDP dropped 1.2p in Q1 2009, after a 1.5p decline in prior year period, according to revised data released by the country’s statistical arm.

In Italy, the gross domestic product fell 2.4p from fourth quarter of 2008, the biggest drop since 1980, an annual rate of 5.9% on sluggish agricultural, industrial and service activity.

Spain’s GDP followed the same path in first three months of 2009 with 1.8p decline, the biggest in 50 years.