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From FT: Those who interpreted the IMF’s recent World Economic Outlook as evidence that austerity is self-defeating are mistaken. The fiscal multiplier, which has attracted so much debate, measures the one-off impact of changes in tax or spending on the economy when the adjustment is made. It does not measure the impact of changes in tax or spending on the long-term growth rate. There is little in the study to suggest [...] Somehow we missed this over the summer. Can you say QE to INFINITY….AND BEYOND!!! ? There is simply no other viable solution.Ferguson’s full lectures can be downloaded here: The [...] The global economy will grow more slowly over the next two years, according to the International Monetary Fund’s latest forecast. And Europe’s financial crisis and a potential budget crisis in the United States could slow world growth even further, the international lending organization warned. It shaved its U.S. growth forecast to 2 percent this year from 2.1 percent in April. For 2013, it expects U.S. growth of 2.3 percent, down from 2.4 [...] ‘U.S. Spends More Per Person than Portugal, Italy, Greece, or Spain’ “According to the chart, the U.S. spends $20,000 per person, while Italy spends $16,900, Spain $13,100, Greece $12,500, and Portugal $10,200. These dollar amounts “Includes spending from federal, state, and local government,” according to a note on the chart. “2011 general government expenditures per person, in nominal U.S. dollars.” The chart is based on numbers from the World Economic Outlook produced by [...] The Republican Senate Budget Committee will release this new chart later today, showing that the “U.S. Spends More Per Person Than Portugal, Italy, Greece, Or Spain.” According to the chart, the U.S. spends $20,000 per person, while Italy spends $16,900, Spain $13,100, Greece $12,500, and Portugal $10,200. These dollar amounts “Includes spending from federal, state, and local government,” according to a note on the chart. “2011 general government expenditures per person, in [...] People worldwide are living three years longer than expected on average, pushing up the costs of aging by 50 percent, and governments and pension funds are ill prepared, the International Monetary Fund said. Already the cost of caring for aging baby boomers is beginning to strain government budgets, particularly in advanced economies where by 2050 the elderly will match the numbers of workers almost one for one. The IMF study shows [...] The International Monetary Fund has slashed its global growth forecast for this year and exhorted the European Central Bank to boost liquidity to stave off a deeper eurozone crisis. Italy’s economy will contract by 2.2pc and Spain’s by 1.7pc, the IMF said, as fiscal austerity measures bite harder and banks curtail lending. Photo: AP By Ambrose Evans-Pritchard and Louise Armitstead 11:04PM GMT 19 Jan 2012 “The global recovery is threatened by the growing tensions in the [...] via CNBC: So acute are the risks that few economists are now willing to bet heavily against another global recession in 2012. By common consent, the world economic outlook is much darker today than it appeared in the early autumn. The eurozone crisis has worsened with contagion spreading through Italy and Spain and now lapping at the door of France. Recoveries remain feeble in other advanced economies. And emerging markets are beginning [...] From Washington Times: The world economy has entered a “dangerous new phase” of declining growth that will require policymakers to take action, the chief economist of the International Monetary Fund (IMF) warned Tuesday. “Global activity has weakened and become more uneven, confidence has fallen sharply recently, and downside risks are growing,” said in the report, which was released prior to the IMF’s annual meetings this week. In its [...] Telegraph.co.uk The IMF said the US and the euro area could fall back into recession, with output in 2012 more than 3pc below projections Photo: EPA Cutting its global forecasts sharply, the world’s economic watchdog said the global economy had entered a “dangerous new phase” and urged policymakers to tread a careful line between aggressive deficit reduction and growth. Central banks should stand ready [...] IMF Cuts U.S., Japan Growth Forecasts, German Official Says. Photographer: Joshua Roberts/Bloomberg News The International Monetary Fund has lowered its forecast for economic growth in the U.S. amid rising commodity prices and downgraded its outlook for Japan after the earthquake and tsunami, a German government official said. Deficit reduction strategies in the U.S. and Japan lack credibility, the IMF said in its World Economic Outlook, the German official told reporters in Berlin [...] by ZH According to a leaked copy of the World Economic Outlook report coming out shortly: US GDP growth has been cut to 2.8% from 3.0% in 2011; while 2012 (which will be cut at a later date) was raised to 2.9% from 2.7%. The International Monetary Fund (IMF) has issued its clearest warning to date that the latest US fiscal stimulus is ill-judged, unlikely to do much for growth and raises the risk of a bond crisis over the medium term. By Ambrose Evans-Pritchard7:20PM GMT 25 Jan 2011 The IMF said the US economy was enjoying a short-term spike as a result of quantitative easing by the US Federal Reserve and [...] telegraph.co.uk: If you strip away the political correctness, Chapter Three of the IMF’s World Economic Outlook more or less condemns Southern Europe to death by slow suffocation and leaves little doubt that fiscal tightening will trap North Europe, Britain and America in slump for a long time. Spain, trapped in EMU at overvalued exchange rates, had a general strike last week The IMF report – “Will It Hurt? Macroeconomic Effects of Fiscal [...] |
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