IMF Warns Of Housing Crashes- World Bank Says ‘Now Is The Time To Prepare For Next Crisis’
GoldCore
GoldSeek.com
Thursday, 12 June 2014
Yesterday, the IMF and World Bank issued warnings about the global economy.
The International Monetary Fund (IMF) warned that the world must act to contain the risk of another devastating housing crash. The World Bank warned that the anticipated rise in interest rates will hit global growth this year – and presumably house prices too.
“We are not totally out of the woods yet,” Kaushik Basu, the World Bank’s Senior Vice President and chief economist and he warned that “now is the time to prepare for the next crisis.”
The warning from the IMF came as it published new data showing house prices are well above their historical average in many countries as covered in the Financial Times today. The data shows how an acceleration in house prices in many countries from already high levels has emerged as one of the major threats to global economic stability.
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