“Since (early) May, the global environment has changed for the worse...” RBI said in its mid-quarter credit policy review. The global economy weakened in the second quarter of 2011, as growth moderated in both advanced and emerging market economies (EMEs) under the impact of high oil and other commodity prices. “Uncertainty about the resolution of the sovereign debt problem in the Euro area has increased. These increase downside risks to global growth prospects,” RBI said.
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