IMF cuts global growth estimates; calls for clear political leadership to restore confidence
The IMF has cut its global growth forecasts for this year and 2013 and called on politicians in the Euro-zone and the US to take “decisive” steps to restore confidence, a German newspaper said Friday.
Citing excerpts from the IMF' World Economic Outlook to be released early next week, the Handelsblatt business daily said that the Washington-based body predicted world economic growth of 3.3% in 2012 and 3.6% in 2013.
In July, the IMF issued forecasts of 3.5% and 3.9%, respectively.
The German-language paper quoted the report as saying that the “further cooling of growth in the world economy this year and next goes along with a clear increase in downward risks.”
The forecast depends in particular on “whether decisive political steps are taken in the Euro zone and the US to stabilise confidence,” the paper quoted the report as saying.
The IMF forecasts a shrinking of the Euro zone economy of 0.4% this year and a small positive growth of 0.2% in 2013. The IMF cut its forecast for China to 8.2%, for India to 6% and for Brazil to 4%, according to Handelsblatt.
The IMF also saw a “further drop in inflation” given the sluggish global economic output and recommended additional cuts in interest rates to stimulate activity.
Three leading European economic institutes have estimated meanwhile that the Euro zone economy will remain in recession until the end of this year.
The French institute INSEE and its German and Italian counterparts IFO and ISTAT forecast a contraction in business activity of 0.2% in the third quarter, they said in a joint statement. That is the same rate of decline as in the second quarter of the year.
A further contraction of 0.1% in the last three months would be followed by zero growth in the first quarter of 2013, the institutes said. Euro zone domestic demand is being undermined by economic uncertainty and the impact of budget consolidation across the 17-nation bloc, the three institutes underlined.
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www.sfgate.com/business/bloomberg/article/Greece-Said-to-Plan-Sale-of-Former-Royal-Estate-3876251.php
If you don't like it, be an EVOLVED society and say no to IMF/World Bank loans with REFERENDUMS.
So are you saying the Greeks should just take the money and give the finger to people like me who have worked all their lives, provided for their families, never been out of work and always paid their taxes?
Do you not think it reasonable they sell off their property to try and make the books balance?
Or what?
BTW They should NEVER have been allowed in the EU, nevermind the Eurozone. They are and have always been con-merchants.
--Especially if they're planning an F1 racetrack with the new one--
A referendum may mean that the average 'protester' will see that they have responsibility, agency.
Especially once their skills get revalued against an Asian market,
cause and effect are clearer.
I'd like the IMF to someday get thanked instead of spanked.
Germany, also, is considering a referendum on whether to continue.
A circus could be a good business there animals no need to buy seems they are included with the building package...
in the world,the only country needs IMF is of course USA.
Dont be flannel mouthed.!.
umm, Buckingham Palace and Windsor Castle arn't greek... sorry to steal your thunder but if you had read what Ayayay posted, you would find that it's the Greek's who are selling off royal estates, not the British. No, I can honestly say that the British royal family / Government do not need to go down that road as our economy is in much better shape.
In return for more refinance help from the IMF. One of them in London- $160,000 a month rent value.
So that MEDICINE, which stopped being available to Greece's PEOPLE, because the Greek gov STOPPED PAYING FOR IT, can flow again.
Got to pay the Chinese, USA and Indian workers that manufacture most generics.
Disabled people go all over the cities looking for a pharmacist that accepts Greek gov credit.
m.guardiannews.com/world/2012/may/23/greece-debt-creating-healthcare-crisis?cat=world&type=article
It will be an even more corrupt and broken system that will be forced to let them go.
And when this happens, and other follow,
Who then will have to make up the short fall of all the loans made to those who go,
Not eye says Greece
Not eye say Spain,
Not eye says Ireland
Not eye says Portugal,
And the British government of Cameron will be faced with this choice, like the rest of them who remain.?????????????
.
Instead of “Plan Marshall” will be called “Plan Moreno”...
I don't want to forget to mention dear president Hugo Chavez and Dilma Rousseff, that sure will provide loans in “Bolivares” and “Reais” to buy fuel to keep your houses warm in cold winters...
Do you have any money to lend down there?
Why has it not been reported that Chile’s growth was up again: year to August 6.3% growth. Average earning also up 6%.
Economy growing, people earning more. Good news.
Rumour has it, that acting MRS Christmas ,,, CFK will give all her people and extra 20pesos this Christmas, as a good will present.
So they say..
(It's the South with the challenges)
•Sweden RAISED it's outlook (:
•Switzerland has 2% unemployment.
• Germany is in GROWTH while Argentina is in contraction.
Plus they're the only banks people are trusting with their savings..All of S Europe moved their money/everything there this year.
Like S Am and the dollar. The Arg gov keeps an insane amount of their money in New York.
Argentina is growing 4% for 2012 and Germany also but Unfortunately will be hit by EU debt crisis.
Argentina is doing pretty well despite the global financial crisis.
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