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Sunday, October 12, 2008
Sunday, October 12, 2008
Latest Procurement News
Posted: Tuesday, July 01, 2008, 9:59AM
RELATED NEWS
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KNOWLEDGE MANAGEMENT TAGS
"Spend Management"
Global slowdown far from over, influential body predicts
The global economic slowdown could be deeper and longer than first feared, the Bank for International Settlements has claimed.The influential body's annual report, the BIS - the central banks' central bank - claimed that the credit crunch was far from over and that many central banks would still have to raise interest rates to stamp out inflation.
It warned that the current issues affecting the world economy were a reflection of a deeper financial malaise relating to a huge build up of debt during a time of cheap credit.
BIS predicted further turmoil in the world's major money markets, and a period of slow economic growth and inflationary pressures.
"While difficult to predict, their interaction does appear to point to a deeper and more protracted global downturn than the consensus view seems to expect," the BIS said.
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