Even Pessimists See Signs of Recovery

      May 13, 2009 09:49

      As the global economy shows signs of recovery, even pessimists start forecasting a rosy outlook. The Associate Press quoted European Central Bank head Jean-Claude Trichet as telling a press conference in Basel, Switzerland on Monday, "We are, as far as growth is concerned, around the inflection point in the cycle." There have been significant signs of market recovery since mid-September last year, he added.

      George Soros, the Chairman of Soros Fund Management, who had been skeptical about economic recovery only a month ago, was also quoted by the German daily Frankfurter Allgemeine Zeitung on Monday as saying, "The economic free-fall has stopped. Asia should be the first region to pull out of the crisis and China is set to overtake the United States as the engine of world growth."

      Even those who are typically pessimistic, such as Joseph Stiglitz, a professor at Columbia University, said on Thursday that the pace of recession is slowing down. Thomas Cooley, dean of the NYU Stern School of Business, who had been first to write an analysis report as the global economic crisis raised its ugly head last year, told CNN on May 6, "There are distinct signs of a recovery in the U.S. economy, parts of Europe and elsewhere. There is a definite sense that the worst is over."

      Signs of economic recovery can also be seen in the composite leading index (CLI) released by the OECD on Monday. The CLI of 30 OECD member countries averaged 92.2 in March, down 0.2 points from the previous month. But some of the major countries' CLI rose, showing that their economies were improving, the Wall Street Journal reported -- including France, from 96.8 to 97.9, Italy from 96.6 to 97.4, and China from 92.1 to 93.0.

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