Senior economist at the International Monetary Fund (IMF) John Simon warned that austerity measures to contain deficit could be "counterproductive for economic growth."

Presenting the latest "World Economic Outlook" Wednesday in Vienna, Simon said that budget consolidation was a "fine line", particularly for developed economies. It should be "not too big and not too small" and "not too fast and not too slow", he added.

He said that, in 2012, austerity measures would cost about 0.6 percent of Portugal's economic output, 0.55 percent of Greece's GDP and 0.4 percent of that of Spain.

In addition, the economic performance of the U.S. and Germany will go down by around 0.2 percent because of budget cuts this year, he added.

The economist therefore warned that the states should be aware that their "actions also have impacts on others."

Simon also said that "deleveraging" of banks in the U.S. and the euro zone and the reduction of personal household debt in the U.S. would slow future economic development significantly.

The IMF on Tuesday hiked its global growth forecasts for 2012 and 2013, but warned that the debt crisis in the eurozone and high prices of crude oils could derail the global recovery.

VietNamNet/Xinhuanet