How to Avoid a Double-Dip Global Recession
Failure to adopt coordinated policy measures aimed at sustaining global aggregate demand at a time when deflationary trends are still severe in advanced economies could lead to a double-dip recession in advanced economies. Indeed, it could severely damage the growth prospects of emerging-market economies that have so far recovered more robustly.
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NEW YORK -- There is an ongoing debate among global policymakers about when and how fast to exit from the strong monetary and fiscal stimulus that prevented the Great Recession of 2008-2009 from turning into a new Great Depression. Germany and the European Central Bank are pushing aggressively for early fiscal austerity; the United States is worried about the risks of excessively early fiscal consolidation.