Dark Shadows

Louis Proyect lnp3 at panix.com
Fri Sep 7 10:44:04 MDT 2001

Dark shadows
Sep 7th 2001 
>From The Economist Global Agenda 

Finance ministers from Asia-Pacific countries, gathering this weekend in
the Chinese city of Suzhou, will be preoccupied with the gloomy outlook for
the global economy. So widespread and so synchronised is the slowdown that
there are worries it may prove self-reinforcing: recovery in one big
economy may be thwarted by the slump in demand elsewhere 

THE release, on September 7th, of quarterly GDP figures for Japan and an
unexpectedly high unemployment rate in America cast yet more shadows over
the already sombre prospects for the world economy. Stockmarkets around the
world are in retreat. 

Japan’s economy shrank by 0.8 % in the second quarter of this year, and
3.2% on an annualised basis. Japanese GDP statistics are erratic and
unreliable. But most economists believe that the economy did contract
painfully between April and June and that it will probably do so again in
the third quarter, thereby meeting the most commonly used technical
definition of a recession. Indeed, so bleak are most forecasts that the
latest GDP figures were in fact better than most private economists expected.

full: http://www.economist.com/agenda/displayStory.cfm?story_id=778342

Louis Proyect
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