Andrew Burns News
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Eastern Europe may require funds from the International Monetary Fund and other international lenders to pre-empt a banking crisis and a shortage of credit in the region’s economies as western banks pare assets.
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Western European banks’ deleveraging may make credit in eastern Europe scarcer, the World Bank’s Andrew Burns was quoted as saying in Austrian newspaper Wiener Zeitung.
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The World Bank cut its global growth forecast by the most in three years, saying that a recession in the euro region threatens to exacerbate a slowdown in emerging markets such as India and Mexico.
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Some European nations may experience a second economic slowdown if the region fails to manage its debt crisis, threatening countries from Central Asia to Latin America, the World Bank said.
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Emerging-market economies, growing almost three times faster than their developed counterparts, need to speed spending cuts and interest-rate increases as they fight inflation and overheating, the World Bank said.
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Emerging-market economies, growing almost three times faster than their developed counterparts, need to speed spending cuts and interest-rate increases as they fight inflation and overheating, the World Bank said.
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Gap, Nike and Nordstrom may have something in common: Lululemon envy. Seeking to lure shoppers willing to spend $98 on stretchy yoga pants, these retailers are mimicking the strategy of Lululemon Athletica Inc., the sports apparel company known for its pricey yoga gear.
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The World Bank raised its forecast for economic growth in Sub-Saharan Africa to 5.3 percent in 2011 as the global economy recovers and the outlook improves for oil producers such as Nigeria and Angola.
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Asia’s economies signaled they are best placed to weather Europe’s debt crisis this week as data from China’s exports to job growth in South Korea and Australia surpassed analysts’ forecasts.
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Cameroon’s economy will probably expand by 3.8 percent this year after growing 3 percent in 2010, Cameroon Tribune reported, citing Andrew Burns , manager of the World Bank’s Development Prospects Group.
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