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NOT GREAT EXPECTATIONS

IMF Cuts Global Forecast

Signals lack of confidence in European austerity moves.

cheats/2012/07/16/imf-cuts-global-forecast/lowered-imf_wmgnkw

So, how is Europe doing climbing out of its economic mess? Not well, if the latest International Monetary Fund growth predictions are to be believed. Back in April, the fund estimated that the world would see 4.1 percent economic growth in 2013. Now, it’s scaling that estimate back to 3.9 percent, but leaving unchanged its prediction of 3.5 percent (for comparison, the world economy grew by 5.3 percent in 2010). Not surprisingly, the fund reserved its strongest words for the euro zone. “The utmost priority is to resolve the crisis in the euro area,” the authors wrote.

Read it at The New York Times

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