The Perfect Storm of a Global Recession
The probability is growing that the global economy – not just the United States – will experience a serious recession. And, while global contraction will ultimately force central banks to cut interest rates, the policy response will be too little, and will come too late, to prevent it.
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NEW YORK – The probability is growing that the global economy – not just the United States – will experience a serious recession. Recent developments suggest that all G7 economies are already in recession or close to tipping into one. Other advanced economies or emerging markets (the rest of the euro zone; New Zealand, Iceland, Estonia, Latvia, and some Southeast European economies) are also nearing a recessionary hard landing. When they reach it, there will be a sharp slowdown in the BRICs (Brazil, Russia, India, and China) and other emerging markets.