imf chief warns global economy slowing
Last Updated : GMT 00:53:28
Arab Today, arab today
Arab Today, arab today

Lagarde gives bleak outlook for growth

IMF chief warns global economy slowing

Arab Today, arab today

Arab Today, arab today IMF chief warns global economy slowing

International Monetary Fund chief Christine Lagarde
Tokyo - agencies

International Monetary Fund chief Christine Lagarde International Monetary Fund chief Christine Lagarde Friday warned the global economy was slowing and said the situation could get worse because Europe was not doing enough to fix its debt crisis. Lagarde said the IMF would cut its growth forecast in its global outlook to be released later this month.
“What I can tell you is that it will be tilted to the downside and certainly lower than the forecast that was published three months ago,” she told an economic forum in Tokyo during a week-long Asian tour.
“And that is predicated on the right set of actions being taken in Europe in order to avoid very significant deterioration and to eliminate major threats.”
In April, the IMF hiked its global growth forecasts to an annual rate of 3.5 percent this year, accelerating to 4.1 percent in 2013, up from the January forecast of 3.3 percent and 4.0 percent respectively.
Lagarde declined to elaborate on the IMF’s new assessment due later this month, but said conditions since the last forecast had “regrettably” become “more worrisome”, although she hailed recent steps to tackle Europe’s woes.
The IMF chief cited measures adopted after a European leaders’ meeting in Brussels last week and the European Central Bank’s move on Thursday to cut interest rates to historic lows as proof of progress.
Stimulus measures and emergency aid to troubled Italy and Spain were “significant steps in the right direction”, Lagarde said.
But “from the IMF perspective, we believe that more needs to be done in order to really complete the architectural job of the eurozone: a monetary union, a banking union followed by a fiscal union”.
“It’s also a question of implementation – diligent, rigorous, steady implementation,” Lagarde added.
On Thursday, central banks in Europe and China ushered in easing and stimulus moves in a bid to help power the global economy, just days after the IMF pared its growth forecast for the US economy.
The Washington-based organisation estimated 2012 US economic growth at 2.0 percent, down from an April forecast of a 2.1 percent expansion for the world’s biggest economy – and warned that the Obama administration may be slicing the deficit too fast for the weak economy.
Lagarde’s comments came a day after Beijing’s second interest rate cut in less than a month surprised markets and stoked worries about the world’s second-biggest economy.
Then, the European Central Bank cut its main interest rate to a record low 0.75 percent, while the Bank of England kept its rate even but announced 50 billion pounds ($78 billion) in additional stimulus.
Lagarde applauded Asian nations, particularly China, for turning their focus away from depending on exports to measures that boost demand at home, adding that the “rebalancing that came with the crisis shouldn’t go with the crisis”.
She also acknowledged that the yen was “moderately overvalued” after Prime Minister Yoshihiko Noda told her earlier Friday that Japan’s economy was “suffering a serious, adverse impact” over the currency’s strength.
The Japanese unit hit record highs against the dollar last year, and remains strong as traders eye safe-haven currencies amid worries about the euro and greenback.
But the strong currency hurts Japanese exporters, who were already struggling after last year’s quake-tsunami disaster, by making products pricier overseas while shrinking the value of repatriated foreign earnings.
Lagarde will be in Jakarta on July 8-10, and in Bangkok on July 11-12, where she will participate in a seminar organised by the IMF, the Bank of Thailand and the Asian Development Bank.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

imf chief warns global economy slowing imf chief warns global economy slowing

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

imf chief warns global economy slowing imf chief warns global economy slowing

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday