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UN: Fiscal austerity plans to hit world economy

12-20-2011 14:50 BJT

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The United Nations Conference on Trade and Development said on Monday the rush by governments of developed economies to implement harsh austerity measures could push the global economy back into a fresh recession.

The UN stresses that greater attention should be paid to high unemployment rates, which it says is a more pressing problem than budgetary deficits, adding a recession in developed economies will likely affect "all countries" and urged developing economies to "prepare contingency plans."

It questioned the claim on whether austerity measures are necessary to maintain the confidence of financial markets, arguing that spreads in government bond yields across the eurozone are NOT caused by differences in budget deficits or debt levels.


Editor:Zhang Rui |Source: CNTV.CN

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