Naoyuki Shinohara, deputy managing director of the International Monetary Fund, is concerned about three ‘brakes' – fiscal consolidation, bank deleveraging and foreclosures in the US – that could slow down the rate of global economic growth.
He told delegates attending the Asian Development Bank (ADB) annual meeting in Manila today (May 2) that "advanced economies all plan to consolidate their fiscal positions this year, by about 1% of GDP on average". He added that this would be higher in the e
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