The global economy will continue to muddle through this year and next, as the IMF lowered its world output forecast for 2013 to 3.3%. The Eurozone’s recession is expected to drag on through this year, while Greece’s economy will contract for a sixth consecutive year under the crushing weight of austerity and lack of productivity. A slightly positive note is the emergence of a “three-speed recovery,” as the U.S. decouples from other ailing so-called advanced economies and grows on the back of the Bernanke Fed’s continued flooding of the market with easy money.
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