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)

`Another` Uber driver faces rape charges in Boston Dec 19, 10:45 am
Washington, Dec 19 (ANI): Just weeks after an Uber driver was accused of sexually assaulting a female passenger in India, another Uber driver in Boston is facing rape charges after he allegedly beat and sexually abused a passenger earlier this month.
Full Story
Apple 'routinely mistreats' workers in Chinese factories Dec 19, 10:32 am
London, Dec 19 (ANI): An undercover investigation has revealed that workers in Chinese factories that make Apple products are poorly treated.
Full Story
Honda launches new CB Unicorn 163cc in New Delhi Dec 18, 5:17 pm
New Delhi, Dec 18 (ANI): Honda has launched the new CB Unicorn 163cc in the Indian market for a starting price of Rs. 69,350 (ex-showroom, Delhi).
Full Story
Goa replaces Delhi as top city state in competitive index Dec 18, 5:17 pm
New Delhi, Dec.18 (ANI): Goa has secured the top spot, replacing Delhi in the city-state category this year in terms of competitive index.
Full Story
Comments

LATEST STORIES
TOP VIDEO STORIES
PHOTO GALLERY