Canadian deputy fears ‘ugly’ outlook for global economy

john-murray-canada

The world's leading economies are failing to implement the structural reforms needed to restore global growth, John Murray, a Bank of Canada deputy governor, told the New York Association for Business Economics on November 27.

Murray noted fiscal consolidation is widely being pursued by countries that require it, but raised concerns market forces are pushing consolidation too quickly in the short run. Gradual is best, he said, as fiscal multiples are much larger than previously thought.

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