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
20 February –
WORLD DAY OF SOCIAL JUSTICE
“Every day, give everyone their due.
Every day should be Social Justice Day!
The only way”
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
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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February Observances
1-7 Feb: World Interfaith Harmony Week
01 Feb: World Wetlands Day
02 Feb: International Day of Human Fraternity
04 Feb: International Day of Zero Tolerance
for Female Genital Mutilation
11 Feb: International Day of Women and Girls
in Science
20 Feb: World Day of Social Justice
Monthly Observances:
National Health Insurance Month
Weekly Observances:
Week 1: National Awareness Week
for the Prevention of Child Sexual Abuse
and Exploitation
Week 3: Public Administration Week
Daily Observances:
Feb 1 Constitution Day
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