IMF slashes 2012 global growth forecast from 4 to 3.3 percent

   Jan 20, 2:05 pm

Washington, Jan 20(ANI): The International Monetary Fund has slashed its global growth forecast from 4 to 3.3 percent this year and called on the European Central Bank to boost liquidity to avert a deeper eurozone crisis.

"The global recovery is threatened by the growing tensions in the euro area," the Telegraph quoted a leaked portion of the IMF report, World Economic Outlook , as saying.

The report has predicted that the eurozone as a whole will shrink by 0.5 percent and Britain will record 0.6 percent growth.

Italy's economy will contract by 2.2 percent and Spain's by 1.7 percent, the report added.

The new figures suggest that the deteriorating financial scenario has caught the IMF by surprise.

The report said that the US growing at 1.8 percent and China recording a 8.2 percent growth would remain as two major powerhouses in the wake of the eurozone crisis.

"The most immediate political challenge is to re-establish confidence and put an end to the euro area crisis, supporting growth," the draft said.

The IMF encouraged the ECB to continue moving to a "more accommodative monetary policy" to prevent contraction of credit as European banks shrink their balance sheets to meet tougher capital ratios by June. (ANI)

China launches 'anti-monopoly probe' into Microsoft Jul 30, 4:33 pm
London, July 30 (ANI): The Chinese authorities have reportedly launched an anti-monopoly investigation into US-based technology giant Microsoft.
Full Story
Twitter faces loss despite growing no. of users in Q2 Jul 30, 2:13 pm
London, July 30 (ANI): Social networking service Twitter reported a loss of 145 million dollars during the second-quarter period from March to June, but a grown no. of users.
Full Story
Japanese firms expand their base in Asia Jul 29, 2:29 pm
Tokyo, July 29 (ANI): Three students from Vietnam, who are undergoing an internship at JFE Engineering Corporation in Tokyo, collect garbage and deliver it to the biomass power station.
Full Story
Women's club holds candlelight vigil demanding justice for Bangalore sexual assault victim Jul 26, 2:31 pm
Bangalore, July 26 (ANI): A women's club held a candlelight march in Bangalore demanding justice for the six-year-old girl student who was sexually assaulted within a school's premises.
Full Story
Comments

LATEST STORIES
TOP VIDEO STORIES
PHOTO GALLERY