US Financial Crisis: Prospects and Perils of Globalisation of Financial Markets
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Code : ECC0033
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Region : US |
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Introduction: "The financial shock that originated in the US subprime mortgage market in August 2007 has spread quickly, and in unanticipated ways, to inflict extensive damage on markets and institutions at the core of the financial system", reported the International Monetary Fund (IMF) in a statement. As a result of the financial crisis, the US economy is likely to slow down and pressurise the global economy. The IMF said that the world growth would slow down from 5% in 2007 to 3.7% in 2008 and to just 2.2% in 20094. This slowdown would be majorly contributed by the US economy, which according to IMF would contract by 0.7% in 2009, a sharp decline from a growth of 1.4% in 2008. |
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