The great recession : 2007-2010 lessons learnt /
Surinder P S Pruthi
- First ed.
- New delhi : Kriti Graphics, 2011.
- vii, 246 pages : some colour graphs ; 21 cm
The global financial system is still in a period of significant uncertainly and remains the Achilles' heel of the economic recovery. The US is still stuck in a sluggish and jobless recovery. Germany, France and Italy have seen a sharp slowdown in the third quarter of 2010, with growth of only 0.7% compared with 2-3% in the second quarter. Greece and Ireland are in the grip of a credit crisis, giving rise to the fear of double dip recession. America is up against several challenges. Two percent GDP growth, 10% unemployment, 10% budget deficit, zero rate of svaings, mind boddling indebtedness, huge spending, high health and social security costs, underutilised manugacturing capacity, insufficient demand, obsolete skill-sets, under-capitalized banks, mortagages awaiting renegotiation, and so on. America needs jobs markets and debt stabilization. TO ger the economy moving againand to avoid double-dip recession, the US federal reserve (Fed) launched a second round of quantitative easing, known as QE2, on Novermber 3, 2010 inject $600 bn into the banking system.