Global Economic Crisis

The chief economist for the International Monetary fund, Olivier Blanchard,  relayed the annual World Economic Outlook from the global organization at its meeting in Tokyo, which was somber in tone, and dire in its implications. All earlier growth forecast across the board were reduced, including emerging markets as well as developed economies. The current global growth forecast is 3.3 percent in 2013, down from an earlier projection of 3.5 percent.

The most alarming forecast by the IMF is for the Eurozone, which overall will experience zero growth. The major factor for the Eurozone’s flat growth projection is the fiscal consolidation occurring in many Eurozone economies, made essential by the acute sovereign debt crisis afflicting the monetary union, according to the IMF.

The transcending implication from the IMF’s latest forecast: the artificial “recovery” from the global economic crisis, which originated in 2008, is faltering. Furthermore, the supposed recovery was entirely dependent on massive sovereign debt financing, and with the inevitable fiscal consolidation now occurring, those economies are now at stall speed, and ripe for a double-dip recession, which is already occurring in many Eurozone economies.

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