UK Central Banks Expect Recovery
The central banks in Britain is expecting a recovery. The news flow is generally good. Corporate earnings are coming in better than expected. Consensus forecasts for economic growth are being revised upwards and conventional monetary policy with low interest rates in on hold for a long time.
Scope for Disappointment in 2101
A Legal & General Investment Management economist has warned that the strength of the economic recovery may be overstated. Tim Drayson said that investors should be careful, as households were still adjusting to the crunch, the effects of government stimuli were wearing off and firms were remaining cautious.
Signs of Hope in U.S. Economy
It is already in the 16th month of recession now. It is anticipated that the global economy would be driven by improvement in consumer spending, housing, business inventories and exports.
According to Barack Obama, though still under severe stress, the U.S. economy is starting to show ‘glimmers of hope’ and more steps will come to brighten the business climate. A survey released yesterday appeared to back such optimism, indicating that the U.S. economy will emerge from recession in the second half of this year.
Mr Obama announced that he and his advisers discussed a programme to help banks clear their books of bad assets that have made normal lending difficult, if not impossible.
But at the same time, the Blue Chip Economic Indicators survey of private economists still warned that due to the huge output gap created by the recession, the unemployment will continue rise into 2010.
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