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Austerity has measurably damaged Europe: here is the statistical evidence





paris BENOIT TESSIER

  • The Institute of International Finance says austerity probably damages economies trying to recover from the great financial crisis.
  • Since 2008, GDP growth in the US has been 10% greater than in Europe, the IIF says. In terms of GDP growth per capita, the reduction was 5%. Fiscal tightening in Europe was the main difference.
  • Trend growth in the US was double what it was in Europe following the financial crisis, the IIF says. Prior to 2008, they had been the same.
  • “Fiscal austerity is a mistake,” IIF Managing Director & Chief Economist Robin Brooks tells Business Insider.

Since the great financial crisis read more >>>

Source:: BusinessInsider.Com

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