Newspaper article International New York Times

A Global Economic Malaise

Newspaper article International New York Times

A Global Economic Malaise

Article excerpt

Too many finance ministers and central bankers are unwilling to respond.

Large parts of the world seem to be on the verge of a recession. In many countries in Europe, Asia and Latin America, economic growth has already stalled. Yet many finance ministers and central bankers are unwilling or ill-prepared to respond. In Europe, for example, officials from Germany continue to insist that countries that use the euro meet restrictive fiscal rules, and they are trying to prevent the European Central Bank from buying government bonds. Officials in Japan, meanwhile, have hurt that economy by raising a sales tax too fast.

Some countries, including the United States and Britain, are growing modestly. But even these economies are not enjoying the kind of robust recovery that creates millions of jobs for the unemployed. And growth in the United States and Britain could slow down, too, if a lot of their major trading partners in Europe and Asia fall into a recession. …

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