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Europe's fiscal readjustment may cause global recession: expert

(Xinhua)

13:46, January 27, 2012

SANTIAGO, Jan. 26 (Xinhua) -- A readjustment of public spending in Europe could contribute to an economic slowdown and even cause a recession in the world economy, the head of the Latin American and Caribbean Institute for Economic and Social Planning (ILPES) said Thursday.

"Due to the trade it has with the rest of the world and considering the effects an economic deceleration can cause, this is a very important warning sign, especially for Europe," Jorge Mattar told Xinhua in an interview.

It could also affect Latin America, Mattar added.

Mattar said international financial organizations are worried that fiscal readjustment could lead to a recession.

The issue was discussed at a just-ended regional seminar in Santiago organized by ILPES, an assistant institution of the UN Economic Commission for Latin America and the Caribbean (ECLAC).

Mattar said public deficits in Latin America are manageable and some countries even have a primary fiscal surplus.

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