The World Economy: Bottoming out Or a Respite Before the Next Crunch? - The Cato Journal

The World Economy: Bottoming out Or a Respite Before the Next Crunch?

By The Cato Journal

  • Release Date: 2010-03-22
  • Book Genre: Politics & Current Events
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The World Economy: Bottoming out Or a Respite Before the Next Crunch? by The Cato Journal

In early 2009, the world economy seemed to be headed into an irreversible decline. But a strong dose of stimulative monetary and fiscal policies--perhaps with an assist from the natural resilience of the market economy--seem to have done the trick in stabilizing the financial system and setting the stage for global recovery. Flows of private capital to emerging markets have revived and world trade has begun to rise back to levels seen before the crisis hit. Consumer and business confidence are back on the rise. While the overall sense of doom has been replaced by one of hope, the recovery has been highly uneven. The U.S. economy, which was at the epicenter of the crisis, still faces a long hard slog in returning to decent growth. The continental European economies, especially France and Germany, have bounced back with surprising alacrity but are unlikely to record high growth. The emerging markets are another story altogether, with China and India in particular returning to remarkably high growth rates after their economies had seemed to hit the wall at the end of 2008. Many other emerging market economies that were hit hard by the crisis, especially those in eastern Europe, are still in the doldrums.

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