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World Bank expects slow US growth but no recession
Posted: Sep 6, 2011 2:58 AM by Trovette Tottress
SINGAPORE (AP) - World Bank President Robert Zoellick says the U.S. economy will likely limp along with slow growth and high unemployment but avoid a recession.
Zoellick told reporters Tuesday in Singapore that Europe's debt crisis threatens to undermine the confidence of consumers and investors.
Zoellick says the challenges facing Europe are more "imminent" than those in the U.S.
He said European countries may need to deepen fiscal integration, implying governments should sacrifice some control over their
budgets so spending policies can be coordinated among countries using the euro.
Singapore's finance minister told reporters that weak economic growth in the U.S. and Europe was making them "extremely vulnerable to each new shock."
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