Jimoh Ibrahim predicts world economy crisis in 2014 Category: News Published on Friday, 07 June 2013 05:00 Written by Abdul-Hameed Olawale, Osogbo Share Publisher of the National Mirror Newspapers Barrister Jimoh Ibraheem has predicted a more devastating global economic crisis next year. The business mogul, while addressing journalists shortly after handing over a Postgraduate College building complex he donated to his alma mater, Obafemi Awolowo Uinversity, Ile Ife, said the impending crisis may be triggered off by the 10 year home equity line of credit taken in year 2003 by many Americans. The credit line is repayable this year, and many Americans have failed to pay, and the development that may lead to folding up of over 50 percent of banks in the US. “About 35% Americans may be affected and if these banks go under, it will lead to job losses and US economy will be plunged into crisis again. Similarly, the crises with economies of many Euro countries may make them to be unable to pay back about 70 billion Pounds belonging to England trapped in Euro banks. The economy of England which is in dire need of this money may be plunged into recession too,” he said. As part of solutions to the crisis, Ibrahim advised that private sectors operators should be supported with relevant government policies that will enhance their abilities to create jobs, adding that capital flight by many foreign investors should be discouraged by government.
Posted on: Fri, 07 Jun 2013 11:49:52 +0000
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