The International Monetary Fund's forecast for 4.8% global economic expansion this year might give the impression that the recovery is proceeding nicely, but it distracts from several underlying problems, according to The Economist. A gap between robust growth in emerging economies and weak expansion in developed nations must be addressed. Vibrant expansion in emerging economies is fine, but stagnation in developed economies doesn't do anybody any good. It is urgent that the U.S. take action on underwater mortgages, joblessness, financial help for the unemployed and lasting fiscal reform, the magazine notes.

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