www.conferenceboard.ca OTTAWA, July 23, 2012 /CNW/ - Developing countries have been given the tough task of supporting the global economy while Europe struggles to contain its debt crisis. Europe's woes will slow the world economy to tepid growth in real gross domestic product (GDP) of 2.6 per cent in 2012 and three per cent in 2013, according to The Conference Board of Canada's World Outlook-Summer 2012.
Developing countries joining Europe in dragging down global economy Growth in countries such as Brazil, Russia, India and China is no longer a bright spot in an otherwise tepid world recovery.
LONDON (Reuters) - July 2012 may well prove a watershed in the decade-long policy of hard-currency reserve accumulation by China and other developing countries that has helped transform the global economy and world investment since the turn of the millennium. Vanishing returns on scarce "safe" sovereign debt - where U.S. Treasury bill rates are the lowest since the 1800s and many European bills and bonds are selling with negative rates - and Monday's threat to Germany's top-notch credit rating could be the final straw for central banks managing $10.4 trillion of these national savings and emergency hard cash buffers.
Subjects: Afghanistan : U.S. military forces :: Deployment; Business and industry : Small and minority businesses; Business and industry : Small-business hiring incentives, proposed ; Commerce, international : Global financial markets :: Stabilization efforts; Congress : Bipartisanship; Developing countries : International food aid programs; Economy, national : Improvement; Economy, national : Strengthening efforts; Employment and unemployment : Job creation and growth; Health and medical care : Cost control...
Subjects: Armed Forces, U.S. : Service members :: Deployment; Defense and national security : War on terror; Defense and national security : War on terror; Developing countries : U.S. assistance; Economy, national : Economic concerns; Economy, national : Financial markets situation; Economy, national : Financial markets situation; Iraq : U.S. military forces :: Deployment; Presidency, U.S. : Inauguration :: Swearing-in and address; Science and technology : Research and development.
The World Bank is pessimistic about global economic prospects. Last week, the bank's forecasters projected lower growth in the year ahead for both developing and developed countries. The European economy, wracked by the continuing debt crisis, is expected to shrink 0.3 percent. That means the World Bank's sister institution, the International Monetary Fund (IMF), is going to be busy. IMF is looking for a staggering $600 billion in additional funds to help shore up the growing list of member countries staring at economic oblivion.
PASADENA - The U.S. probably won't face another recession in the near future, but competition from developing countries is placing increasing pressure on our economy. That was the assessment of Lawrence E. Harris, who holds the Fred V. Keenan Chair in Finance at the USC Marshall School of Business. Harris was a featured speaker at Thursday's 2012 Economic & Entrepreneur Summitt.
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