Global Disaster Recovery
The bottom line in the current global recession is that full recovery will not come any time soon, and that government policies can at best mitigate the economic consequences. Sometimes, strong recoveries follow recessions, but recovery following financial crises is always immensely painful, time-consuming, and traumatic.
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PALO ALTO – With the global economy mired in recession and financial crisis, policymakers everywhere have launched a series of monetary, financial, and fiscal responses. Nevertheless, economies continue to contract, unemployment to rise, and wealth to decline.