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)

Qantas suffers biggest annual loss of 2.8 billion dollars Aug 28, 5:10 pm
London, Aug 28 (ANI): Australia's national flag carrier Qantas has reportedly suffered its biggest annual loss of 2.8 billion Australian dollars till June this year.
Full Story
New BMW X3 debuts in India Aug 28, 5:10 pm
Noida (Uttar Pradesh), Aug.28 (ANI): A paragon of sporty dynamics, premium ambience and robust agility, the new BMW X3 was launched today at Deutsche Motoren, the BMW dealership in Noida.
Full Story
Embattled Malaysian Airlines opt for giveaways to win back trust Aug 28, 4:10 pm
Sydney, Aug. 28 (ANI): In order to stay afloat from a business point of view, a struggling Malaysian Airlines has opted to cut-price flights and giveaways in order to win back the trust of its customers and crew who have deserted the airline.
Full Story
Expenditure on digital ads to surpass TV in U.S. by 2017: Magna Global Aug 27, 3:34 pm
Washington, Aug 27 (ANI): Expenditure on digital advertising would exceed Television ad spending in the United States in 2017, predicts Magna Global in its recent forecast on Tuesday.
Full Story
Comments

LATEST STORIES
TOP VIDEO STORIES
PHOTO GALLERY