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2012 Macroeconomic Outlook jeopardised by the European debt crisis |
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| Our year-end forecast points to a new drastic cut in global GDP growth estimates, due largely to worsened
expectations on the European economy and, in part, to a less favourable outlook for commodity prices. |
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With respect to Europe, the revision was prompted by the disappointing management of the debt crisis.
The acceleration of fiscal consolidation exacerbates the contraction in GDP, while the ongoing lack of protection mechanisms creates restrictive financial conditions in many eurozone countries.
Read more - the entire PDF document |
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