Guardian
October 21, 2011
Global growth prospects for 2011 are bleak. Advanced economies are projected to grow at a slow pace of about 1.5%, down from 3.1% in 2010; and China, a key driver of the global recovery after the 2008-09 financial crisis, is experiencing declining growth for the third consecutive quarter.
On the other hand, fears of a double-dip recession are haunting markets around the world. Global stock markets have tumbled repeatedly on worries over Europe's debt crisis, while the euro continues to lose ground against the US dollar, having experienced another sharp drop on Monday after Germany dashed hopes for a resolution of the eurozone crisis. Investor confidence has reached panic levels, with the Credit Suisse's Global Risk Appetite Indicator at a 30-year low.
In addition, a series of sovereign credit downgrades has hit many developed countries: the US lost its triple-A credit rating for the first time in its history, Italy and Spain experienced several downgrades, and France's triple-A rating is under threat. What's more, unemployment is on the rise throughout advanced economies, with the UK reaching its highest unemployment level for 17 years.
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