ANOTHER GLOBAL RECESSION may be on the horizon.
This warning was delivered Owen Arthur in his address to the governing St Lucia Labour Party’s annual conference yesterday.
The former prime minister and minister of finance said a new recession could occur if more countries continued to impose greater levels of taxation as part of initiatives to restore and maintain order in their public finances, instead of seeking to stimulate their economies.
Referring policymakers to a recent report by the South Centre, Columbia University and the International Labour Organisation (ILO) on The Decade Of Adjustment; A Review Of Austerity Trends 2010-2020 In 187 countries, Arthur said the study was based on an evaluation of fiscal consolidation programmes as proposed for the 187 countries.
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