12 December 2011 16:27 [Source: ICIS news]
WASHINGTON (ICIS)--The ?xml:namespace>
In its annual year-end situation report and outlook for the year ahead, the council cautioned that “the global economy has reached a critical state”.
“Although the global economy is in its third year of recovery, the pace of improvement slowed,” the report said, citing higher energy prices, the earthquake and tsunami in
“The likelihood is that the
In normal economic times, what economists call “trend growth” would mean annual US GDP expansion rates of 3% to 3.5%.
“The recovery is fragile and multiple risks remain,” the analysis said, “the largest of which is the spread of an emerging recession from
“While not the most likely scenario, the probability of another [US] recession remains elevated,” the council’s economic advisors said, adding that “The European debt crisis continues to present one of the greatest risks to the world economy.”
The council’s economic report also noted that “recent indicators suggest that the strong manufacturing recovery in the
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