I am delighted to be back in Beijing. There is a vibrancy and dynamism here that makes one believe that anything is possible. And that is a refreshing change when economic difficulties still loom around the world. Fortunately, I am visiting in global circumstances that are a little more comfortable than they were last November. Then, I referred to the ‘dark clouds’ over the world economy, but today there are signs that those clouds may be beginning to disperse. There are signs that strong policy actions—especially in Europe—are making a difference. Financial markets have become a little calmer and recent indicators point to an uptick in real economic activity, mostly in the United States. Yet, we also need to remain cautious. As Luu Mengzheng said, “Like Weather, one's fortune may change by the evening.” The global economy is not yet out of the danger zone: financial systems are still fragile; public and private debt is still too high; and unemployment is still a major problem. Added to that, the rising price of oil is a new threat that could derail the recovery.
I am delighted to be back in Beijing. There is a vibrancy and dynamism here that makes one believe that anything is possible. And that is a refreshing change when economic difficulties still loom around the world.
ReplyDeleteFortunately, I am visiting in global circumstances that are a little more comfortable than they were last November. Then, I referred to the ‘dark clouds’ over the world economy, but today there are signs that those clouds may be beginning to disperse.
There are signs that strong policy actions—especially in Europe—are making a difference. Financial markets have become a little calmer and recent indicators point to an uptick in real economic activity, mostly in the United States.
Yet, we also need to remain cautious. As Luu Mengzheng said, “Like Weather, one's fortune may change by the evening.”
The global economy is not yet out of the danger zone: financial systems are still fragile; public and private debt is still too high; and unemployment is still a major problem. Added to that, the rising price of oil is a new threat that could derail the recovery.