The global economic recovery could lose pace later this year, dashing hopes for a rapid escape from the deepest downturn of the postwar era, economists and investors said at the World Economic Forum's annual meeting at this Swiss ski resort.
Heavy debts will weigh on governments and households in the U.S. and Europe for some time, while hopes for global growth will continue to rest on fast-developing countries such as India and China, predicted participants at the meeting's opening debate on the economy.
Thursday, January 28, 2010
The View from Davos: A Double-Dip Is in the Air
WSJ's Marcus Walker reports:
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And we all know how prescient the Domos of Davos have been in the past. A closing statement from the 2007 meeting concluded: "The Annual Meeting closed on an "upbeat mood" with the Co-Chairs pledging on behalf of the 2,400 participants to use their positions of leadership to turn commitments on the top issues of climate change, global trade and globalization into action."
ReplyDeleteNo mention of the pending credit collapse and worldwide recession. Not even a wisper about the ultimate exposure of the faulty science on which "Global Warming" is based. Yet Wenzel wants us to believe that this time is different. This time the Davos gang will get it right and their view that the current recovery may suffer a "double-dip" is proof that wenzel is also correct.
A rather weak piece of evidence.