Archive for January 22nd, 2012

22/01/2012

Europe Is Sick, the Whole World to Suffer

Human Wrongs Watch

“Countries throughout the world will experience an economic slowdown this year as the sovereign debt crisis in Europe continues to unfold,” says a UN report. 

*European Central Bank – Image: ArcCan | Wikimedia Commons

The World Economic Situation and Prospects 2012 (WESP) report gives a detailed picture on seven geographical regions and forecasts that growth rates for the next two years will slow down in most of them.

The risks of further worsening of the situation in Europe and the United States have increased.”

The report, released by the UN Department of Economic and Social Affairs (DESA), points to the European sovereign debt crisis that erupted in Greece last May as “a major shock to the global economy,” whose multiple negative effects will continue to reverberate around the world.

Failure of policymakers, especially those in Europe and the United States, to address the jobs crisis and prevent sovereign debt distress and financial sector fragility from escalating poses the most acute risk for the global economy in the outlook for 2012-2013,” the report states.

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