NYP2002071109 - NEW YORK, July 11 (UPI) -- The National Debt clock was reactivated on July 11, 2002. Disconnected in 1999 when Washington faced a budget surplus, the clock, located in New York City's Times Square district, was reactivated in 2002 to reflect spiraling government deficits and tops $14 trillion. jaf/ep/Ezio Petersen UPI. |
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WASHINGTON, June 18 (UPI) -- An International Monetary Fund director in Washington said the United States, Japan, Greece and Ireland were at particular risk regarding high debt levels.
"If you make a list of the countries in the world that have the biggest homework in restoring their public finances to a reasonable situation in terms of debt levels, you find four countries: Greece, Ireland, Japan and the United States," said Jose Vinals, director of the IMF's monetary and capital markets department, The Daily Telegraph reported.
Focusing on debt-burdened countries, Vinals said, "You cannot afford to have a world economy where these important decisions are postponed because you're really playing with fire."
The IMF in its most recent World Economic Outlook report, released this week, downgraded its expectations for the U.S. economy, pegging its growth this year and next at 2.5 percent and 2.7 percent, respectively. Previously, the U.S. economy was predicted to grow 2.8 percent in 2011 and 2.9 percent in 2012.
Global growth was also downgraded, down to 4.3 percent from April's prediction of 4.4 percent.
It lifted Germany's growth forecasts this year to 3.2 percent from 2.5 percent, while revising up the French growth outlook to 2.1 percent from 1.6 percent.
The report said Germany and France were both doing better than previous thought. Germany's growth prediction was raised from 2.5 percent in April to 3.2 percent for 2011. Growth expectations in France were raised from 1.6 percent to 2.1 percent for this year.
In Asia, the Yonhap News Agency said the South Korean economy was expected to grow 4.5 percent in 2011 and 4.2 percent in 2012.
