This article was last updated on April 16, 2022
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International Monetary Fund’s World Economic Outlook says the global economic conditions have again destabilized, confidence has plunged, and downside menace is on the rise.
IMF’s economic counsellor Olivier Blanchard says, “Strong policies are urgently needed to improve the outlook and reduce the risks.”
Moreover, IMF has slashed its world growth estimate to four per cent for both 2011 and 2012, down from its June forecast of 4.3 per cent and 4.5 per cent respectively. Developed economies are likely to grow by an “anemic” 1.6 per cent this year and 1.9 per cent in 2012.
IMF says, “The mining boom also provides an opportunity to build fiscal buffers further over the medium term and contribute to national saving.”
Reportedly, New Zealand’s monetary condition has been badly affected by the earthquakes, but its planned medium term consolidation will facilitate in containing its current account deficit and put the budget in a better position to balance costs related to health care.
Not only IMF, but the Reserve Bank of Australia has also shown concern about the global outlook. The Australian dollar fell to a five-week low of US102¢ over new alarms about Europe after Italy lost its A+ credit rating. Australian shares fell 1 per cent.
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