Europe poses global recession threat: IMF
1/25/2012 12:12:57 PM
WASHINGTON: Europe's debt crisis could tip the world economy into recession and a bigger firewall is urgently needed to keep the damage from spreading, the International Monetary Fund said on Tuesday.
The IMF chopped its estimate for 2012 global growth to 3.3 percent from 4 percent just three months ago and warned it could drop as low as 1.3 percent if Europe lets the crisis fester for much longer. For 2013, it predicted growth of 3.9 percent.
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