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Although the United States has shown encouraging signs in recent weeks, the economy remains far too feeble for any upturn to be either strong or sustained. Europe is no better off and already appears to have fallen back into a mild recession.
“Europe for sure is in a recession in many parts [and] Asia is still slowing down in lots of places,” as well, the long time member of Wealth Track’s brain trust and overseer of BlackRock’s three highly regarded Core, Value and Growth mutual funds, said.
The figures mean the Australian economy now finds itself at the crossroads, spooked by a jobs crisis not seen since Paul Keating's "recession we had to have".
Speaking just a day after the World Bank slashed growth forecasts and warned of a recession worse than 2008, he cautioned Australia was "not immune".
Europe is headed for recession, and markets in the Unites States will experience a solid first half of the year before a significant cool-off.
Merrill Lynch clearly believes recession is imminent in Europe, which will necessitate rate-cutting by central banks. As to the 2012 outlook in the United States, Wolfe finds it “more of a cloudy mix.”
The World Bank warned nations Wednesday to brace for chaos as a new global financial crisis worse than 2008 looms. To indicate how bad the situation would be, the bank slashed its previous 2012 growth forecast for high-income countries.
An Australian economist, Chris Richardson, director of Deloitte Access Economics, said that if the World Bank's forecast comes to pass, there will be more jobless Australians, company profits will be hit sharply and the country's economy will slow down even it escapes successive quarters of gross domestic product negative growth thanks to the booming resources sector.
What ammo does the Fed have left for dealing with another round which can actually be worse than the 2008 crisis?