World economic crisis to last 10 years: IMF chief economist

IMF Chief Economist Olivier Blanchard

The International Monetary Fund’s chief economist says the world economic crisis will take at least 10 years to emerge from its 2008 disaster mark.

“It will surely take at least a decade from the beginning of the crisis for the world economy to get back to decent shape,” the IMF Chief Economist Olivier Blanchard said in an interview published on Wednesday with the news site Portfolio.hu.

The economist stressed that EU-powerhouse Germany would have to accept a higher inflation rate and focus its purchasing power in order to help speed recovery.

Blanchard also pointed out the global deadweights, saying the United States has a fiscal problem it hasn’t addressed yet, and Japan faces decades to solve its debt problems.

This comes as the European Central Bank (ECB) has recently cut its forecast for growth in the eurozone for both this year and next as the debt crisis is taking a heavy toll on the 17-nation bloc.

Europe plunged into financial crisis in early 2008. Insolvency now threatens heavily debt-ridden countries such as Greece, Spain, Portugal, Italy, and Ireland.

The worsening financial crisis has forced many governments to adopt harsh austerity measures and tough economic reforms, which have triggered incidents of social unrest and massive protests in countries throughout the world. (Press TV)

GMA/JR

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