(Episode 271: 11 minutes 30) Some people, like billionaire hedge fund manager George Soros, believe the worst of the economic downturn is behind us. The media seems to have switched its outlook from pessimism to optimism. Shares have shown growth over the last few months. So, are we about to climb out of the global financial crisis?
“No” is the short answer according to credit reporting agency Dunn and Bradstreet. Their latest quarterly Global Economic & Risk Outlook report says Australian GDP will contract by 0.9% this year.
The World Bank agrees that the outlook is not bright. They have just downgraded their forecasts, saying the global economy will shrink by 2.9% this year, with a 10% drop in global trade making a rapid recovery next year all the more unlikely.
In today’s BTalk Australia Phil Dobbie talks to Christine Christian, Dunn and Bradstreet’s CEO, about the outlook for the Australian economy.
Add your views in the Talkback section at the end of this post.
See also: Recession is Only the Beginning | BTalk Australia
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