The European debt crisis may have a very negative knock-on effect on the global economy.
In a pertinent report released on Friday a team of IMF experts warns that even though non-European states have not yet felt the pinch, any further economic upheavals in Europe could send the European GDP 5 percent down which, in view of sluggish growth, could undermine production.
The authors see the creation of a banking union, gradual spending cuts and a string of financial stimulants as the effective means of dealing with the hard-hitting crisis.
Interfax
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