Nobel Prize-winning economist Joseph Stiglitz has cast doubt on the strength of any US economic recovery, warning it may be hit by a “double-dip” recession.
More positive economic data has convinced many analysts that the US is starting to improve.
But Mr Stiglitz, a former World Bank chief economist, said “the prospects of a robust recovery are very, very weak”.
He said there was a “significant chance” that the economy could contract again after a period of growth.
This is what economists refer to as a “double-dip” recession.
‘Negative shock’
“We are not seeing a recovery of sustained consumption,” Mr Stiglitz said.
He highlighted the fact that any recovery would be the result of government stimulus packages, which could not continue indefinitely.
“The withdrawal of stimulus packages in 2011 will be a negative shock to the economy,” he said.
He also highlighted continuing risks in the commercial property sector.
Recent data has suggested a more upbeat view of the US economy.
Last week, figures showed that US manufacturing grew in August for the first time in 19 months and that home sales hit a two-year high in July.
Last month, figures showed consumer spending continuing to rise and durable goods orders jumping sharply. –BBC News
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
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Accept the National Unity Government (NUG)
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Monthly Observances:
Women’s Role in History Month
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Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
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March 8: Women’s Rights and
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March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
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March 25: International Day of Remembrance of the
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