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Developing countries fear fallout from rich world's spending cuts
Published in Saudi Press Agency on 07 - 10 - 2010


Developing and emerging countries warned
Thursday that drastic spending cuts in debt-saddled rich nations
threatened to create another "downward spiral" in the global economy.
Finance ministers from the Group of 24 (G24), a bloc of developing
countries, also pushed back in an escalating dispute over exchange
rates with the United States and Europe, dpa reported.
The G24 blamed record low interest rates in wealthy countries for
causing an unhealthy flood of capital into emerging countries, which
in turn was "putting upward pressures on exchange rates" and
"creating overheating pressures."
The rhetoric reflects in part the unevenness in the world's
recovery from last year's deep recession. Emerging powers such as
China, India and Brazil have returned to levels of growth seen before
the economic crisis, while the United States, Europe and Japan remain
saddled with low growth and high unemployment.
European countries in particular, facing market pressures over
their spiralling debt levels, have been forced to begin cutting
public spending with their economies still sputtering.
The G24 ministers in a statement warned that the "simultaneous and
broad-based fiscal consolidation that is presently underway in many
advanced economies poses considerable risks of a downward spiral in
global demand."
The G24 ministers were gathering in Washington on the sidelines of
an annual meeting of the International Monetary Fund and World Bank.


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