BASEL, Switzerland - Emerging improvements in the global economy are likely to result in further growth, but the extent of the recovery remains uncertain, the Bank for international Settlements said in its latest annual report, published Monday.

"General pessimism about the imminence of a worldwide slump or financial crisis is . . . unwarranted," wrote Alexandre Lamfalussy, general manager of the settlements bank. "What, however, is much less predictable is the pace, shape, and breadth of recovery."

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