Martedì, 23 Ottobre 2018

IMF chips World Economic Outlook


(ANSA) - New York, July 16 - The International Monetary Fund
reduced estimates for global growth in 2012 and 2013 Monday
while warning eurozone countries to keep up momentum to contain
its sovereign-debt crisis.
The IMF predicted the global economy will grow 3.5% in
2012, or 0.1% less than its April estimate, according to the
latest update to the "World Economic Outlook" report.
The IMF chipped 0.2% from its 2013 global-growth estimate,
which now stands at 3.9%.
The IMF accompanied adjustments to European economic
indicators with cries for continued action on that front.
IMF chief economists pressured Italy and Spain to keep up
their financial discipline in statements on Monday and warned at
the same time that the debt-laden countries cannot carry the
burden alone.
Olivier Blanchard said Italy and Spain have taken
"important steps in the right direction, but they will succeed
only if they can finance themselves at reasonable interest
rates. As long as the governments are committed to reform, the
other members of the euro area should be inclined to help them
to make adjustments achievable".
Blanchard underlined, however, the importance of keeping
the pace of reform.
"The countries under pressure must continue public-finance
reforms, structural reforms and the recapitalization of banks if
and when necessary," he said.
The IMF's head of markets, Jose' Vinals, warned new
financial turmoil may loom on the horizon.
"Time is about to run out. It is time to act," he said.
The IMF raised its estimates for Italy's national debt
Monday, adjusting it upward by 2.5% in 2012 to 125.8%, and by
2.6% in 2013 to 126.5%.
The IMF also said Germany's debt is destined to rise 3.3%
and 2.7% over April estimates.
The increase is due to the countries' obligations to the
European Financial Stability Facility (EFSF), an institution
financed by member countries of the eurozone to address the
sovereign-debt crisis.
The IMF confirmed its April estimate of the Italian
economy's growth prospects, saying its GDP will contract by 1.9%
in 2012.
Thanks to planned budget cuts and revenue-raising reforms,
the IMF reckons Italy will achieve a slight structural surplus
in 2013 despite the pressure of this year's recession on tax
The IMF foresees Spain's troubles prolonged into 2013. The
IMF confirmed its estimate of a 1.5% contraction for Spain's
economy in 2012, but docked its growth estimate for 2013 by
0.7%, to just 0.6%.
Meanwhile, 0.3% was shaved from GDP growth for France in
2012, while Germany's GDP is expected this year to outperform
the April estimate by 0.4%.

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