Arab Today, arab today imf trims global growth forecast citing eurozone
Last Updated : GMT 17:43:05
Arab Today, arab today
Arab Today, arab today

IMF trims global growth forecast citing eurozone

Arab Today, arab today

Arab Today, arab today IMF trims global growth forecast citing eurozone

Washington - AFP

The global economy will grow slightly less in 2013 than was expected, held back by a weak eurozone that will stay mired in recession a second straight year, the IMF predicted Wednesday. \"Downside risks remain significant, including prolonged stagnation in the euro area and excessive short-term fiscal tightening in the United States,\" the International Monetary Fund said, in an economic outlook update. The IMF projected global gross domestic product (GDP) annual growth of 3.5 percent this year, a dip of 0.1 point from its October forecast, and 4.1 percent in 2014. Despite some progress in the eurozone\'s efforts to fight the public debt crisis, including a strengthened European Union-wide policy response, \"the return to recovery after a protracted contraction is delayed,\" it said. The IMF said the 17-nation economy now was expected to contract by 0.2 percent this year instead of growing by 0.2 percent. The reversed outlook for the region, where Greece, Ireland and Portugal are under IMF bailout programs and Cyprus could be next, stemmed from delays in improvements in the banking sector and \"still-high uncertainty about the ultimate resolution of the crisis despite recent progress,\" it said. \"During 2013, however, these brakes start easing, provided that the planned policy reforms to address the crisis continue to be implemented,\" it said. Germany\'s economy, the European powerhouse, was expected to expand 0.6 percent this year, down 0.3 point from the prior forecast. The IMF\'s World Economic Outlook Update highlighted the need for austerity measures to be \"sustained\" in the eurozone\'s periphery countries and for the core economies to support them. The report also called for further steps toward full banking union and greater fiscal integration. The IMF offered a different prescription for the United States, stressing the importance of avoiding \"excessive\" fiscal tightening in the short term so as not to snuff out flickering growth in the world\'s largest economy, forecast at 2.0 percent this year. In early January, the US Congress prevented part of the fiscal cliff measures from taking place, but massive automatic government spending cuts loom unless deeply divided lawmakers can reach a deficit-reduction deal. The IMF called on the United States to \"promptly\" raise the debt ceiling and \"agree on a credible medium-term fiscal consolidation plan, focused on entitlement and tax reform.\" For Japan, the priority is to undertake structural reforms and wield a \"more ambitious monetary policy easing\" to boost growth and inflation. Emerging market and developing countries again will grease the global economy\'s engine in 2013, growing a combined 5.5 percent, the IMF forecast. China\'s GDP is expected to grow 8.2 percent, followed by India at 5.9 percent and a 3.5 percent rate in Brazil and Mexico. Sub-Saharan Africa was expected to see 5.8 percent GDP growth. \"But weakness in advanced economies will weigh on external demand,\" the IMF warned the developing world. At a time when global financial reforms are facing resistance, the IMF report stressed the urgency of sustained efforts. \"It\'s the constant approach by the industry to actually push back because it\'s nicer to operate without regulation rather than with regulation,\" IMF managing director Christine Lagarde said last week.

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*

Arab Today, arab today imf trims global growth forecast citing eurozone Arab Today, arab today imf trims global growth forecast citing eurozone

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today As Olympics loom,China plunges into biz

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom,China plunges into biz
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues

GMT 05:34 2017 Monday ,27 February

Brexit sows seeds of doubt for British farmers

GMT 06:38 2017 Sunday ,26 February

US rig count increases

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
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