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By IB Times Staff Reporter: Subscribe to IB's RSS feed
September 6, 2010 4:27 PM GMT
Notwithstanding the strong growth figures in Europe, particularly in Germany, economic growth in Europe and United States is likely to remain weak, according to IMF chief economist Olivier Blanchard.
In his remarks published on Monday, Blanchard was quoted as saying in French daily Le Figaro that a US slowdown would have an automatic impact on growth in Asia in the short-term, but "decoupling" between emerging market and rich economies is possible in the medium-term as Asian and Latin American countries shift to a greater degree of internal demand.
The newspaper quoted him as saying that "if the American economy slows, that would have an impact on Asia automatically, not an enormous one but significant nonetheless."
Euro zone governments should produce credible plans to cut deficits over the medium-term, he said, adding that, financial markets would be reassured more by the content of the plans than precise end-dates.
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