Finance ministers and central bank governors gathered in Washington for the annual IMF/World Bank meetings last month at a time when the global economy showed little sign of sustained recovery.
The outlook is uncertain. If the property bubble bursts in the US – a second blow after the equity meltdown – consumers there, who have driven the weak recovery so far, will stop spending. Neither trade nor investment will take up the slack.
The fear of double-dip recession and deflation is growing.
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