Asia drives the world economy and the portent of the US failing to get its own house in order challenges a global revival:
In a communiqué at the end of a three-day meeting here in Tokyo, the members of the International Monetary Fund warned that global growth was slowing as the persistent debt crises in developed countries dragged down growth in emerging markets. The statement said quick action was needed to “break negative feedback loops and restore the global economy to a path of strong, sustainable and balanced growth.”
“There was no objection to the recommendation that we gave to the membership, which was a-c-t,” said the I.M.F. head, Christine Lagarde, spelling out the word for dramatic emphasis.