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The European Perspective On The Economy Can't Look Worse
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In the US, economists may be talking about a recovery. In Europe, they are not.
Aside from attacking the US stimulus package as worthless, organizations based on the Continent are expected a long, dark period for the world economy.
The Organization for Economic Cooperation and Development recently predicted that global GDP will shrink close to 3% this year and that international trade will fall 13%. In another report, the same organization wrote that unemployment in the G7 nations will rise to 10% early next year.
The World Bank has said that it will embark on the terribly difficult task of launching a $50 billion global liquidity initiative. According to Reuters, the head of the organization said he “expects world trade volumes to fall by 6 percent this year, the largest decline in 80 years.” In another pessimistic evaluation, The World Bank said it forecast the global economy will contract 1.7 % this year, the first decline since WW II.
Not wanting to have its bleak view of the world overlooked, the IMF is predicting that the world economy will shrink for the first time in 60 years.
Perhaps the Europeans do not have the famous optimism of Americans. Or, they may simply have a more realistic view of the world.
Douglas A. McIntyre
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