Global Economy – Bad Now, But Some Positive Signs? - Jan 2009
It is obvious the global economic situation is bleak. The key problem last year was the financial crisis. Given ongoing bank problems this is clearly still with us, but this year the key problem will be the economic fall out.
The US, Europe and Japan are now contracting in a synchronised fashion and this, along with a gathering slump in the emerging world, is likely to make it the worst global recession in the post war period. The Australian economy is also being hard hit and looks destined for recession. The OECD’s leading indicator is plunging at its fastest rate ever.
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