The International Monetary Fund cut its growth forecasts for the world economy – and warned that there is a “alarmingly high” risk of deep economic slowdown. IMF projections now show the global economy growing by a mere 3.3% this year – the slowest growth since 2009. As the IMF says in its report: “Confidence in the global financial system remains exceptionally fragile…Bank lending has remained sluggish across advanced economies.”
With Europe’s economy contracting, the United States headed for a “fiscal cliff,” and emerging economies like India and China also slowing down – IMF leaders are calling on policy makers to address the threats in their economies. All around the world – we are witnessing the collapse of corporate globalism.
The only question left is: just how messy will it get before working people around the world come together to forge a new economy for the 21st century.
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