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Debt crisis may fuel recession
Source: Agencies |
September 7, 2012, Friday
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Print Edition
Print Edition
EUROPE'S debt crisis is pushing the 17-country eurozone toward recession and dragging down the global economy, the Organization for Economic Cooperation and Development said yesterday.
Even growth in traditional economic powerhouse Germany is slowing, and the OECD said Europe's largest economy could see recession by year-end.
"The negative elements of the global economy ... stemming mostly from Europe are there, and they are somewhat stronger than they used to be a few months ago," OECD chief economist Pier Carlo Padoan said.
He said the good news was that the global economy was not in recession, but that avoiding one would depend on what politicians do in the coming months and push especially for more action by the European Central Bank. Padoan said he was encouraged by recent progress in Europe to get a handle on the crisis.
Even growth in traditional economic powerhouse Germany is slowing, and the OECD said Europe's largest economy could see recession by year-end.
"The negative elements of the global economy ... stemming mostly from Europe are there, and they are somewhat stronger than they used to be a few months ago," OECD chief economist Pier Carlo Padoan said.
He said the good news was that the global economy was not in recession, but that avoiding one would depend on what politicians do in the coming months and push especially for more action by the European Central Bank. Padoan said he was encouraged by recent progress in Europe to get a handle on the crisis.
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