Euro Crisis: IMF – Crisis Could Last Decade

The recovery from the 2008 financial crisis could take up to a decade Olivier Blanchard, Chief Economist of the International Monetary Fund, has argued.

Citing concerns about the on-going Eurozone crisis and the debts of the United States and Japan Mr Blanchard said “it will surely take at least a decade from the beginning of the crisis for the world economy to get back to decent shape”.

Whilst arguing that “Japan is facing a very difficult fiscal adjustment” the IMF official said that there was though no risk of hyperinflation in Europe saying “a somewhat higher inflation rate in Germany should simply be seen as a necessary and desirable, relative price adjustment.”

But in addition to developed Western economies and Japan Mr Blanchard stated that the slowdown in the Chinese economy, which had seen rapid growth in recent years, would play a role a delayed recovery.

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