Officials on both sides of the Atlantic need to be more proactive in their efforts to tackle their domestic financial problems, a new report has stated.
The International Monetary Fund's (IMF) latest World Economic Outlook - published this morning (9 October) - has called on US and European policymakers to deal with their respective "major short-term economic challenges" as quickly as possible.
According to the body, problems in Britain and America are merely serving to exacerbate the ongoing global financial slump as growth in advanced economies remains too weak to bring down unemployment.
The study went on to note that a key issue behind the recovery is whether the global fiscal system is "just hitting another bout of turbulence in what was always expected to be a slow and bumpy recovery or whether the current slowdown has a more lasting component".
As such, the IMF believes the worldwide economy will grow by 3.3 per cent this year - a decline on the estimation of 3.5 per cent put forward in July.
By Gary Cooper
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