The Global Economy's Gathering Storm

From 2004 to 2007, the world economy experienced an unusually long and strong boom, with growth rates of nearly 5% and with many countries participating. Now, however, increasingly bad news in most major economies is giving rise to serious doubts, raising the specter of global recession.

MUNICH – From 2004 to 2007, the world economy experienced an unusually long and strong boom, with growth rates of nearly 5% and with many countries participating. The European Union (EU15) recorded 2.4% growth on average during these years. In Germany, where growth averaged 1.8% during this period, some journalists proclaimed a new economic miracle. Now, however, increasingly bad news is giving rise to serious doubts; dark clouds are hovering over the United States, in particular. Is the world economy on the brink of recession?

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