World Economy Heads For Another Perfect Storm -- The TelegraphThe International Monetary Fund’s latest “World Economic Outlook” makes for chilling reading. A perfect storm in which all parts of the world economy go down together seems fast to be gestating somewhere out in the mid-Atlantic.
True enough, the IMF has not reduced its forecasts of world growth for this year and next by very much — just 0.1 and 0.2pc respectively — but it notes some key downside risks, and it is not just the problems of the eurozone it is talking about this time either. Already struggling to return to growth, the UK needs these new pressures like a hole in the head.
To the all too familiar economic threats posed by the eurozone must now be added the approaching “fiscal cliff” in the US, whose own nascent recovery is in any case fast losing momentum, and the evident slowdown in emerging markets.
All three cornerstones of the world economy seem now to be heading into the sand.
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My Comment: Bottom line .... our global debts are catching up to us.
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