The euro symbol reflected in glass in front of the European Central Bank in Frankfurt, Germany (photo: dpa)

Eurozone crisis to have less impact on world growth than feared

World growth is forecast to slow - held back by the crisis in the eurozone. But of all the world’s regions only the eurozone will face negative growth in 2012, says the World Bank and its impact will only be relatively modest on the world economy. However, the turmoil of the past year has more to do with politics than economics, writes GIS expert Ambassador Terry Miller. What are the factors that brought the eurozone to this point – and what is the way forward?

WORLD economic growth is predicted to average 2.5 per cent in 2012, according to the latest growth projections from the World Bank.

Those figures are down from previous projections, but a far c...

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Ambassador Terry Miller
Likely scenarios, including a Greek government default or a withdrawal from the eurozone, while devastating in the short run to bank balance sheets, will have only a relatively modest impact on world growth
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