By Ann Pettifor and Douglas Coe
At their annual meeting in Tokyo this year, IMF economists destroyed the case for austerity. While their analysis constituted a small part of a routine report – the World Economic Outlook – and was technical in form, the devastating impact of their conclusions could not be ignored by the media. These IMF conclusions are of the greatest possible importance and must not be allowed to be lost with the passage of time. We are concerned that they should be fully understood by the public at large.
The attached PRIME briefing sets out the issues, including the implications of the new IMF analysis of multipliers, as well as the UK Treasury assumptions which are now heavily questioned.