Submit :
News                      Photos                     Just In                     Debate Topic                     Latest News                    Articles                    Local News                    Blog Posts                     Pictures                    Reviews                    Recipes                    
  
Global Economy moving towards danger zone, says World Bank Chief
World Bank Chief, Robert Zoellick is worried that the global economy is not in a good condition as it could move towards the danger zone. There is a serious need for the US to look into their debt problem, which has been increasing alarmingly.

ROBERT ZOELLICK, who is chief of the World Bank, has stated it clearly that the condition of the global economy is worsening and is moving towards ‘danger zone’. World Bank Chief also wants that China should bring some reforms so that it could help in its development. He has also urged the US and European nations to look into their debts as it is creating a huge problem globally. It has been anticipated that this autumn could witness the new danger zone, so the much-needed precautions have to be taken.

There is a serious need for the US to restrict its debt, which has been increasing alarmingly. They also need to reform the tax system so that the private sector could witness the much required boost.  Due to the sovereign debt difficulties that exist in Europe, it also poses a serious threat to its various financial institutions. Zoellick says that “we are living in a global economy. Decisions in Europe, decisions in the United States, decisions in China - they affect all of us.”

If we look into the future, may be in the next 20 years or so, China would be one of the high income countries in the world. China is the second largest economy in the world at present. China, to a large extent, depends upon their import and export for their economic growth, but they should give some more importance to public consumption too. They are currently said to be an upper middle income country. But in their climb up the ladder, they are bound to face some obstacles too. Various experts are of the view that China has to cut down on their income tax and also improve upon the health standards too.

Editorial NOTE: This article is categorized under Opinion Section. The views expressed in this article are solely those of the author and do not necessarily represent the views of merinews.com. In case you have a opposing view, please click here to share the same in the comments section.
COMMENTS (0)
Guest
Name
Email Id
Verification Code
Email me on reply to my comment
Email me when other CJs comment on this article
}
Sign in to set your preference
Advertisement
merinews for RTI activists


Advertisement
Not finding what you are looking for? Search here.