WASHINGTONPOST.COM The International Monetary Fund is now worried that a global round of austerity may cause a new recession and is urging countries to look for ways to boost growth.
The new tone is especially striking because it comes at a time when world leaders are focused on Europe’s debt crisis, in particular the risk that Greece and several other European countries could default on huge debts run up over years of profligate spending.
At the IMF’s annual meetings last month, and again in its report Monday, fund officials praised governments that found ways to strike a balance between supporting growth and jobs in the short run and reducing budget deficits in the medium term.
The new tone is especially striking because it comes at a time when world leaders are focused on Europe’s debt crisis, in particular the risk that Greece and several other European countries could default on huge debts run up over years of profligate spending.
At the IMF’s annual meetings last month, and again in its report Monday, fund officials praised governments that found ways to strike a balance between supporting growth and jobs in the short run and reducing budget deficits in the medium term.
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