Monday, April 11, 2011

I.M.F Lowers Growth Forecast for U.S and Japan, Says Debt Reduction Lacks Credibility

The IMF says medium-term deficit reduction strategies in the U.S. and Japan lack credibility. The commnets are in its World Economic Outlook, to be releaed today.
The International Monetary Fund has also owered its forecasts for economic growth in the U.S. and Japan.
Bloomberg: "While the likelihood of a double-dip economic slump in the world economy has decreased, risks to economic growth outweigh chances and commodity price shocks, especially oil, have emerged as a new risk to the global economy’s expansion, the German official cited the IMF as saying. The IMF left its forecast for global growth unchanged, he said, without giving time-frames.

The IMF estimates damage from an earthquake and a tsunami that struck Japan a month ago to amount to between 3 percent and 5 percent of the nation’s gross domestic product, the German official said.

The IMF raised its growth forecasts for Germany for this year and next, noting improved economic growth dynamism and progress in cutting the deficit as well as lowering unemployment, the German official said".

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