Too many Western countries ducking challenges, UK`s Osborne says
Baku, October 16 (AZERTAC). Many Western economies are failing to face up to their responsibilities in the face of heavy economic headwinds, British finance minister George Osborne said on Saturday.
Speaking to reporters in Tokyo, where he is attending an annual meeting of the International Monetary Fund, Osborne, whose own economy is in recession, said the world economy faces a "triple threat" from the euro zone crisis, U.S. fiscal problems and a slowdown in emerging markets.
"There is less of an immediate sense of crisis at these meetings than there was at last year`s annual meetings, but there is a greater concern about what lurks behind the next corner, a greater concern about the medium-term risks," he said.
"The lesson of what is going on in the world is that you have to confront your problems. Sadly too many Western countries seem to be ducking those challenges," he continued.
Osborne`s remarks came at an IMF meeting where the United States and euro zone countries have argued about whether the debt crisis in countries such as Greece and Spain, or an imminent sharp U.S. fiscal contraction, pose a greater problem.
Emerging economies have also slowed sharply over the last six months, and earlier this week the IMF downgraded its global growth forecast.
Britain suffered the sharpest IMF downgrade for a major advanced economy, with the IMF forecasting it would contract 0.4 percent this year, and urging Osborne to delay some of his flagship austerity programme if growth disappoints further.
But Osborne reiterated that he had no intention of changing course from the deficit-reduction plans that form the cornerstone of the ruling coalition between his Conservative Party and the smaller Liberal Democrats.
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