The upturn could be some way away...
The report indicated that the squeeze on credit, as banks cut back on the amount they lend in order to repair their balance sheets, could endure until beyond 2010, implying that families will still be feeling the effects of the credit crunch far longer than most currently expect.
It said: "The deleveraging process may continue past the end of the decade. Bank balance sheets are under pressure to expand, as certain types of near-bank entities contract, fold, or are bought, and credit is re-intermediated, and as firms draw down pre-negotiated credit lines."
IMF urges Darling to act fast on credit crisis - Telegraph