September 7, 2011 / 4:56 PM / in 6 years

Fed's Evans: Global economy growing less than expected

LONDON (Reuters) - The global economy is growing less than expected and countries should not bet on exports as a growth driver, Chicago Federal Reserve Bank President Charles Evans said on Wednesday.

“The global economy is not expanding as vigorously as previous forecasts had expected,” Evans said in the question and answer session following a speech at the European Economics and Financial Center in London.

“The idea that any country is going to be able to get a leg up by expanding exports seems difficult to imagine in the current environment,” he added.

In his speech, Evans said the U.S. Federal Reserve should ease monetary policy further to help the job market.

Evans also said that the U.S. banking sector was doing fine but the demand for loans was not high at the moment.

Reporting by David Milliken; Writing by Sven Egenter

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