Thursday, 13 October 2011

IMF cuts Asian forecasts on European worries

More bad economic news for the World economy comes today as the IMF cuts its growth forecasts for Asia.

It says that an escalation in Europe’s debt crisis may trigger a selloff in Asian assets, force foreign banks to cut lending to the region and disrupt its currency markets.

Consequently it has cut its expansion forecast for this year to 6.3 percent from an April estimate of 6.8 percent.

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