May 4th, 2012

Sachs: Global growth will depend on Asia

Economics & Politics

MANILA, Philippines – Amid continued bleak economic prospects for United States and Europe, global growth is now increasingly dependent on Asia, according to economist Jeffrey Sachs.

Sachs, director of the Earth Institute at Columbia University, said Europe has slipped into a recession and there is little prospect for rapid recovery in the region.

“Europe needs to do a better job of getting past its financial crisis. It has not adequately addressed the banking crisis… This is why Europe’s growth remains difficult and Europe remains in a crisis fighting mode,” he said, in a press conference at the sidelines of the Asian Development Bank meeting on Thursday.

Read full story at ABS-CBS News


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