WASHINGTON: The International Monetary Fund (IMF) has said that the global economic slowdown has unleashed losses amounting to $4.54 trillion to the capital market all across the world. IMF Global Financial Stability Report issued here said that it has been prepared keeping in view the period over mid 2007 to 2010. The report said that the American region suffered losses amounting to $2.712 trillion, while EU countries $1.193 trillion and Japan incurred losses $149 billion. IMF said that even if urgent action is taken to clean up the banking system, the process would be “slow and painful”, delaying economic recovery.