NewsMine — economy — united-states — 2003 — 2003-july-aug — Viewing Item

Imf says us too upbeat { August 27 2003 } Original Source Link: (May no longer be active)    http://www.nytimes.com/reuters/business/business-imf-draft-deficit.html http://www.nytimes.com/reuters/business/business-imf-draft-deficit.html August 27, 2003 IMF Report Says U.S. Too Upbeat on Budget, Lacks Plan By REUTERS Filed at 6:05 a.m. ET MILAN (Reuters) - The International Monetary Fund is set to reproach the U.S. in its next World Economic Outlook for being too optimistic in its assumptions on state spending and revenues and lacking a medium-term budget consolidation plan, according to a summary of a draft IMF report leaked to Reuters. ``It criticizes the U.S. government's excessively optimistic assumptions regarding the development of overall state spending and revenues and the lack of a medium term concept to consolidate budgets and reform the social insurance system,'' the draft says. It also says monetary policymakers in industrial nations should continue to support the economic upturn. It urges the European Central Bank to ``take account of the fact that negative developments in individual countries can potentially influence the entire currency area.'' It does not mention Germany in this context. But the draft also cuts the IMF's 2003 outlook for Europe's largest economy to zero percent from its April prediction of 0.5 percent growth. It sees Germany's budget deficit reaching 3.9 percent of GDP in both 2003 and 2004, above the European Union's limit of three percent of GDP. The draft World Economic Outlook is due to be submitted at the annual meetings of the IMF and World Bank in Dubai in September. Copyright 2003 Reuters Ltd.

2004 budget shortfalls { August 24 2003 } Brace for shock at pump Deflation at bay { August 12 2003 } Deflation biggest myths { August 12 2003 } Disappearing jobs outsourcing consolidation Dollar rebound temporary { August 24 2003 } Dow plunges below 9000 worldcom scandal Economy boom coming { August 29 2003 } Economy shows signs picking up Economy spurred by defense spending Estimate 480b 2004 deficit { August 26 2003 } Forcast 400b deficits this year { July 14 2003 } Greenspan defends deflation worries Greenspan not liking deficit Imf says us too upbeat { August 27 2003 } Imf warns significant downside risks { August 27 2003 } Jobless rate nine year high Jobless woes send stocks down { August 1 2003 } Jobs being taken abroad Markets treading water at 9000 mark { August 6 2003 } Nations job plight worsens { August 2 2003 } Rally after 3 days declines { July 19 2003 } Recession devastating ohio jobs Road to deflation Salvage sell off bond market Stocks end up on banks { July 14 2003 } Stocks fell manufacturing news Stocks ready for global five year high { June 27 2003 } Stocks rise on news of saddam sons dead Stocks slide rising interest rates { August 5 2003 } Us tech jobs go to india Files Listed: 31

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