Economic Outlook

Summary of Summer 2009

The world economy continues to sink dangerously into crisis in 2009. The worsening in economic conditions, already noticeable in late 2008, especially after the financial tsunami triggered by the bankruptcy of Lehman Brothers in mid-September, accelerated spectacularly up to the start of 2009. The threats to growth – job losses, the deteriorating financial health of businesses and financial institutions, depressed world trade, etc. – all intensified, threatening to diminish or delay the awaited impulses from the many and exceptional budget and monetary programs underway. Some way out of economic crisis still remains possible in the second half of 2009, if the financial sphere returns to normality, but recovery will remain slow and difficult, given the scale of the imbalances that need to be reabsorbed.

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