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Wednesday, May 13, 2009

Global economy at turning point

The New Age

The global economy, hit by the worst slump in decades, is now at a turning point, with recovery apparent in some cases and the downturn slowing in others, top central bankers said on Monday.
‘We are, as far as growth is concerned, around the inflection point in the (economic) cycle,’ European Central Bank head Jean-Claude Trichet said, speaking as the spokesman of the Group of 10 central banks.
‘In all cases, we see a slowing down of the decrease of GDP that has been observed in the last quarter of last year and the first quarter of this year,’ he said after a regular G10 meeting.

‘In certain cases you see already a picking up, in other cases you see it continuing to fall but at a lower pace.’
In particular, Trichet said ‘a number of emerging economies seem to be beyond the inflection point.’
Separately, ECB governing council member Miguel Angel Fernandez Ordonez said that the worst may be over for the 16-nation eurozone.
‘There are signs that the worst (of the economic slump) was in the first quarter,’ he told reporters on the sidelines of the central bankers meeting.
At their March meeting, the G10 central bankers felt the global economy was ‘approaching’ a pick-up point.
The G10 groups 11 countries — but still retains its original name — Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States, who consult and cooperate on economic, monetary and financial matters.
Trichet also warned on Monday that the world had to remain vigilant as the process was ‘ongoing.’
‘We have to remain alert, we are in uncharted waters, even if we are at the inflection point and even beyond in certain economies,’ he said.



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