UN Seeks Balance in Global Economy
The UN is urging Japan and Europe to aid the U.S. in deficit reduction by getting their own economies to grow at a faster rate.
According to the UN, even though the global economy grew by 4%, the U.S. deficits along with the weak dollar overseas are throwing it off balance.
“What we really need is a major advancement in cooperation among the advanced economies to help the U.S. get out of this problem,” Jos Antonio Ocampo, the under secretary general for economic and social affairs at the UN said.
“The story that comes out clearly is that actually as a group the problems of uneven or unbalanced growth is more a problem of the developed economies than the developing economies,” he said.
“The message of our report is that the industrialized countries all have their own problems that will hurt growthThe U.S. has its deficits while Europe and Japan are slow in recovering. But the most challenging is the U.S. twin deficits.”
Japan and China, and most of the wealthier nations in Europe have trade surpluses.
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