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The very great recession: Economic outlook updated for the major developed countries in 2012


  • Xavier Timbeau

    (Observatoire français des conjonctures économiques)


The growth outlook for the developed countries, in Europe in particular, has deteriorated dramatically in recent weeks. The “voluntary and negotiated” devaluation of Greek sovereign debt securities, which is really nothing but a sovereign default, the wave of budget cuts being announced even as the budget bills are still debated, the inability of the European Union to mobilize its forces in the crisis – all these factors render the forecasts made two months ago obsolete. For many European countries, including France, 2012 will be a year of recession (...).

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  • Xavier Timbeau, 2012. "The very great recession: Economic outlook updated for the major developed countries in 2012," Sciences Po publications 1, Sciences Po.
  • Handle: RePEc:spo:wpmain:info:hdl:2441/53r60a8s3kup1vc9l5646ac2m

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    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates


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