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Economic Update
Article

Economic Update

BNY Mellon, 2012

автоматическое преобразование текста в аудио
автоматическое преобразование текста в аудио

Editorial Rating

7

Qualities

  • Analytical
  • Scientific
  • Visionary

Recommendation

BNY Mellon chief economist Richard B. Hoey acknowledges that perils loom – from the US “fiscal cliff” to the euro’s lingering woes – but his prognosis is that the world’s economies will grow in 2013, though slowly. getAbstract recommends this lucid, expert economic snapshot.

Take-Aways

  • Economic data forecast a “global growth recession” with worldwide GDP increasing only 3% in 2012 and improving slightly in 2013.
  • Improved banking policies that benefit interest-rate-sensitive industries mitigate slow growth in the United States, but low interest rates conceal debt-related troubles ahead.
  • US worries are coalescing around the looming, late 2012 “fiscal cliff” of automatic spending cuts and tax hikes. Legal remedies are anticipated but not yet in place.

About the Author

Richard B. Hoey is the chief economist for BNY Mellon. His periodic analyses of the world economy include this “Economic Update” from August 9, 2012.


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