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
May –
Anti-Graft and Corruption Awareness Month
“Corruption drains the nation
and victimizes workers who build the nation.
Accountability now!”
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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May 1 – Labor Day
May 2 – World Freedom Day
May 12 – World Communication Day
May 15 – International Day of Families
May 16 – International Day of Living
Together in Peace
May 21 – World Day for Cultural Diversity
for Dialogue and Development
Monthly Observances:
The Month of the Ocean
Anti-Graft and Corruption Awareness Month
Volunteerism Month
Weekly Observances:
Week 2: Safe Motherhood Week
Daily Observances:
May 1: Labor Day
May 7: Health Worker’s Day
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