But, in the short run, austerity, lower wages, and reforms are recessionary, while the adjustment process in the eurozone has been asymmetric and recessionary deflationary.

Double dips, triple dips, and quadruple dips have been America s recessionary experience since WWII.

As prices went up and recessionary pressures increased, many homeowners failed to pay their mortgages.

Even structural reforms that will eventually increase productivity growth can be recessionary in the short run.

CAMBRIDGE Don t look now, but capitalism maligned in these bailout ridden recessionary days is reshaping Africa inexorably.

It simply reflects the recessionary (or deflationary) force of weak global demand hanging over the world economy.

First, it would reduce the recessionary bias in the world economy, especially during crises and in their aftermath.

And now, thanks to the fiscal compact, even the eurozone s core will be forced into front loaded recessionary austerity.

First, we must accept that austerity measures, necessary to avoid a fiscal train wreck, have recessionary effects on output.

Neither the economics nor the politics of this pattern of current account balances is sustainable, especially in a recessionary environment.

Unfortunately, fiscal austerity and structural reforms are at least in the short run recessionary and deflationary. So other policies are needed to restore growth.

Excessive emphasis on fiscal rigor, unaccompanied by measures to stimulate growth, has reinforced recessionary trends, placing additional strain on national budgets and debt GDP ratios.

But, above all, he has tried hard to secure Republican support for his efforts to prevent the economy from disappearing into a deep recessionary hole.

The recessionary trend in resource commitment for the restructured Facility raised questions as to the international community apos s readiness to address global environmental issues.

But the collapse of GDP has necessarily implied a rising debt ratio, driving the country into a recessionary spiral as economic contraction forces further spending cuts.

Emerging market economies have not only cushioned the global impact of the recent crisis, but have also helped industrialized countries reverse the recessionary trend of 2008 2009.

Their greater currency flexibility, however, did not prevent the recessionary impact of the Asian and Russian crises of 1997 98, and Colombia did experience a financial crisis in 1999.

Other advanced economies or emerging markets (the rest of the euro zone New Zealand, Iceland, Estonia, Latvia, and some Southeast European economies) are also nearing a recessionary hard landing.

The 26.5 per cent rate of increase in 1992 was indeed impressive, especially when compared to that of other organizations in the system in any year, recessionary or otherwise.

As the economy climbs out of the recent recessionary period, emissions are expected to rise once again, unless the relationships between emissions and human production and consumption activities are altered.

Postponing the exit after the June election with a new government committed to a variant of the same failed policies (recessionary austerity and structural reforms) will not restore growth and competitiveness.

A few months ago, Olivier Blanchard, the International Monetary Fund s chief economist, had already criticized his colleagues and policymakers in advanced countries for systematically underestimating the recessionary impact of fiscal consolidation programs.

Adverse international factors also continued to play a decisive role, notably recessionary conditions in the countries that are members of the Organisation for Economic Cooperation and Development (OECD), Africa apos s major trading partners.

In 2013, downside risks to global growth will be exacerbated by the spread of fiscal austerity to most advanced economies. Until now, the recessionary fiscal drag has been concentrated in the eurozone periphery and the UK.

In doing so, he would avoid the criticism that former Bank of England Governor Mervyn King faced for supporting a consumer tax hike in 2011 but failing to use monetary policy to offset its recessionary effects.

But much research, including a recent study by the IMF, suggests that raising taxes and reducing government spending has a negative short term effect on aggregate demand, thereby reinforcing deflationary and recessionary trends and undermining fiscal consolidation.

But, after all the happy talk about the European economy, how much credibility will the ECB have if Europe eventually succumbs to recessionary pressures from abroad? The ECB s independence is still a contentious political issue in Europe.

Although the Government is perceived to be the obvious provider of funds, in the case of most developing countries it seems unrealistic in these recessionary times to expect the Government to be the only source of funds.

Alternatively, in a moderate export downturn scenario, with real exports falling by 5 over a four quarter period, real GDP growth could slip below the 1 stall speed threshold leaving the US economy vulnerable to a recessionary relapse.

Both countries managed to reduce inflation gradually while maintaining economic growth. Their greater currency flexibility, however, did not prevent the recessionary impact of the Asian and Russian crises of 1997 98, and Colombia did experience a financial crisis in 1999.

NEW YORK Since the 2008 2009 slump lifted in mid 2009 and especially following the exposure of the massive public debt problems in Greece, Ireland, and elsewhere in Europe most G 7 governments have reversed their earlier counter recessionary positions.

The fact is that, with a flexible exchange rate, a country can offset the recessionary impact of a neighboring country s monetary easing using its own independent monetary policy, guided by carefully chosen inflation targets. If all countries adopt this approach, the entire global economy benefits.

Efforts to generate domestic resources to support service delivery programmes and associated information, education and communication activities will need to be intensified, although many of the countries where the demand will be growing most rapidly are currently witnessing recessionary trends in their domestic economies.

And, in the face of a recessionary crisis that turned out to be roughly twice as large as was forecast at the end of 2008, such limited action was not enough to keep the US unemployment rate below 10 or even set it on a downward trajectory.

This logic would be correct if the world were operating under a fixed exchange rate regime, with governments tying official exchange rates to another country s currency or the price of gold. Under these conditions, monetary contraction (or slowing expansion) would have a recessionary (or a less stimulative) impact on other economies.

As fiscal austerity means more recessionary and deflationary pressures in the short run, one would need more monetary stimulus to compensate and more domestic demand growth via delayed fiscal austerity in Germany. But the two biggest policy players in the eurozone the European Central Bank and the German government want no part of that agenda, hoping that a quarter of good GDP data makes a trend.