Down with Debt Weight
Nearly four years after the start of the global financial crisis, many are wondering why economic recovery is taking so long. But, with fiscal, monetary, and exchange-rate policies blocked, the only way out of prolonged recession is through comprehensive forgiveness of public and private debts.
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LONDON – Nearly four years after the start of the global financial crisis, many are wondering why economic recovery is taking so long. Indeed, its sluggishness has confounded even the experts. According to the International Monetary Fund, the world economy should have grown by 4.4% in 2011, and should grow by 4.5% in 2012. In fact, the latest figures from the World Bank indicate that growth reached just 2.7% in 2011, and will slow this year to 2.5% – a figure that may well need to be revised downwards.