The world economy: In need of new oomph

Posted: May 23, 2014 in economy
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India’s strongman

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The world economy


How to make the rich world’s recovery stronger and safer

ECONOMISTS expected 2014 to be the year in which the global expansion stepped up a gear. Instead, nearly five years into its recovery from a deep recession, the rich world’s economy still looks disappointingly weak. America’s GDP grew at an annualised rate of only 0.1% in the first quarter. Euro-area growth, at 0.8%, was only half the expected pace. Some of the weakness is temporary (bad weather did not help in America), and it is not ubiquitous: in Britain and Germany, for example, growth has accelerated, and Japan has put on a brief spurt. Most forecasters still expect the recovery to gain momentum during the year.
But there are reasons to worry. The stagnation in several big European countries, notably Italy and France, is becoming more entrenched. Thanks to a rise in its consumption tax in April, Japan’s growth rate is set to tumble, at least temporarily. America’s housing rebound has stalled. And across …

via Economic Crisis


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