Tuesday, August 18, 2009

IMF: Turnaround 'will not be simple'

BBC NEWS | IMF: Turnaround 'will not be simple':

The recession had "left deep scars, which will affect both supply and demand for many years to come" said IMF chief economist, Olivier Blanchard.

His comments came after Japan this week followed France and Germany is seeing their economies return to growth.

In this latest report, Mr Blanchard predicted that global output may also remain lower than it had been before the crisis.

Countries must rebalance their economies to make it sustainable, Mr Blanchard said.

Economies dominated by consumption - such as the US - would have to focus more on exports, while Asia turned more to imports, he said.

In other words, the turnaround hinges on Indians lining up to buy Fords?

Seems like he told us to curb our enthusiasm, but the press tells what the public wants to hear:

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