Crisis “more serious than the 1930’s”

Currencies, Economic growth, Financial Events, Leverage, Oil markets

Last August, the blog noted that politicians were beginning to wake up to the scale of the current crisis. There are still many politicians (and businessmen) who still hope we are facing just a ‘normal recession’. But last week, IMF head Dominique Strauss-Kahn told a Malaysian audience that “advanced economies are already in a depression”.

balls right.jpg

Now a senior UK politician, Ed Balls, formerly an economic adviser to the Prime Minister, has warned that “the reality is that this is becoming the most serious global recession for, I’m sure, over 100 years as it will turn out.” He added that “we now are seeing the realities of globalisation, though at a speed, pace and ferocity which none of us have seen before”.

PREVIOUS POST

European auto sales slide continues

09/02/2009

Last August, the blog noted that politicians were beginning to wake up to the sc...

Learn more
NEXT POST

The man with a plan

11/02/2009

Last August, the blog noted that politicians were beginning to wake up to the sc...

Learn more
More posts
Your ‘A-Z Guide’ to the Brexit Negotiations
18/11/2018

“The UK is now facing a national crisis”, according to Margaret Thatcher’s former ...

Read
Chemical output signals trouble for global economy
04/11/2018

A petrochemical plant on the outskirts of Shanghai. Chinese chemical industry production has been ne...

Read
Budgeting for the end of “Business as Usual”
28/10/2018

Companies and investors are starting to finalise their plans for the coming year.  Many are assumin...

Read
“What could possibly go wrong?”
21/10/2018

I well remember the questions a year ago, after I published my annual Budget Outlook, ‘Budgeti...

Read
Rising interest rates, volatile exchange rates, high oil prices and plastic waste challenge aromatics industry
18/10/2018

Fears are rising about the risks of recession, as I discuss in a new one-page summary of the key iss...

Read
Petrochemicals must face up to multiple challenges
14/10/2018

Europe’s petrochemical sector must prepare now for the trade war, US start-ups, Brexit and the...

Read
Is your business Ready for Brexit?
07/10/2018

Time is running out for the UK government to agree a Brexit deal with Europe.  As my new analysis f...

Read
Boomer SuperCycle unique in human history – Deutsche Bank
30/09/2018

“The 1950-2000 period is like no other in human or financial history in terms of population growth...

Read

Market Intelligence

ICIS provides market intelligence that help businesses in the energy, petrochemical and fertilizer industries.

Learn more

Analytics

Across the globe, ICIS consultants provide detailed analysis and forecasting for the petrochemical, energy and fertilizer markets.

Learn more

Specialist Services

Find out more about how our specialist consulting services, events, conferences and training courses can help your teams.

Learn more

ICIS Insight

From our news service to our thought-leadership content, ICIS experts bring you the latest news and insight, when you need it.

Learn more