The failure of US and eurozone policy makers to tackle their fiscal woes is threatening an already “slow and bumpy” global economic recovery, the International Monetary Fund has warned.
In its World Economic Outlook, the IMF downgraded its forecasts for global growth next year and provided ammunition to critics of austerity, concluding that governments have systematically underestimated the damage done to growth by tax rises and spending cuts.
The IMF now believes that economic output will expand by 3.6 per cent, down from its July estimate of 3.9 per cent.
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