| inbluevt | Date: Thursday, 2013/07/11, 12:37 PM | Message # 1 | DMCA |
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GENEVA, Jul 9 2013 (IPS) - Almost five years have passed since the global financial crisis, and the world economy is still reeling from its consequences. The main reason for this is the continued stagnation in developed countries, which is adversely affecting economic dynamism in other regions.
Indeed, growth in the advanced economies is likely to slow down from 1.2 percent in 2012 to only 0.8 percent in 2013. If developed countries remain unable to revive their economies, there is a risk that this
mediocre pace of growth may yet turn into a global recession.
At this juncture, we therefore face a dual challenge: first, we must urgently take measures to restore stable and sustained growth in the world economy, so as to truly overcome the crisis. Second, and perhaps even more importantly, we must ensure that such a devastating financial
crisis cannot recur. This will require making significant reforms to global economic governance, far beyond what has been achieved so far.
Slow growth in the advanced economies and thus in the world economy is partly the natural consequence of a credit crunch and sharply reduced demand in the aftermath of a crisis. However, in many countries, these effects are being exacerbated by severe austerity policies.
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Message edited by inbluevt - Thursday, 2013/07/11, 12:39 PM |
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