Stress In Euro Area Worries Imf For Further Slump In Economy
The IMFs report prepared for the Group of 20 nations affirms that the global economy
is going to face a major downside risks again in near future as its recovery is still under a big threat due to the stresses in the Euro area. A surveillance report presented at the G-20 summit of finance minister of member countries and governors of Central Bank held in Mexico City on February 25-26 expressed that the world economic growth will slow down to 3.3 percent this year compared to 2011. It is believed that the Euro economy will possibly shrink at least 0.5 percent this year, which was earlier 1.6 percent in 2011.
According to the report of the Washington-based IMF, the demand from households, firms and the governments have gradually decreased; the euro zones overall risk remains an exaggerating global threat. This stressful risk is further aggravated by fragile financial systems, higher public deficits and debt and already-low interest rates. In addition to that the report also emphasized that advanced economies are also going through slow and inconsistent growth due to the influence of European crisis and turmoil.
Keeping away from the remarks of Italian Prime Minister Mario Monti that the rescue support given to Greece is nothing but just depraved consequence for its economy, the European finance ministers have determined to move forward to support its second phase of rescue maneuver. However, Greeces recovery progress will be reviewed by the European finance ministers whether it is fulfilling all the conditions of 130 billioneuro aid package which has already been approved last week. And then in Brussels at the summit of 27 nations of the European Union, the progress report will be presented for final remarks. Need instant funds apply with instant cash loans
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Since euro areas have not shown satisfactory developments and gradually degrading their market confidence, the report has instructed euro area members to stick to the agreed consolidation efforts if they wish to continue being benefited from the financial assistance programme. The IMF, in its report, has also requested Japan to pass its legislation on tax and social security reform in support of recovery obligation. And in its separate report, the IMF warned that the damaging consequence could be larger if the oil supply remains increasing in the Middle East. Since the access to the Strait of Hormuz, the worlds fifth transit route for oil supply, has been sustained, there is a big threat to world economy which could eventually lead to incomparable disruption of global oil supply, due to which the IMFs report recommended to bring it down by increasing supply elsewhere.
by: Ryan Gains
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