| Date: August 27, 2010 | Source: Sources |
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Loading ... The Federal Reserve Chairman Ben Bernanke, said that the recovery had lost more strength than expected and the Fed was ready to take further measures if necessary to boost a faltering economy .
"The committee is prepared to provide additional monetary relief through unconventional measures if necessary, especially if the outlook deteriorates significantly," he said in remarks prepared for the annual meeting of the Fed
Bernanke's words come just after the country's government has revised downward the economic growth figures for the second quarter in eight tenths to leave it at 1.6%.
Although the data was better than analysts expected, still a very weak growth.
Bernanke admitted that the global economy is recovering more slowly than expected after he suffered a deep recession last year.
"The recovery of growth and employment in the United States has slowed in recent months and is within walking somewhat weaker" than expected, Bernanke said.
Possible measures
In any case, the U.S. central bank chief did not clarify what those measures to boost the economy but has reviewed the effectiveness of some taken so far.
Bernanke said that purchases of long-term securities by the Fed have been effective in reducing the cost of borrowing and said he thought that the benefits of buying more of those assets, if necessary, would offset any disadvantages.
Other options, such as a commitment to keep interest rates exceptionally low for a period even more than it currently expects the market, or increase inflation targets, the Fed would be less effective, he said.
However, he made clear that the Fed has not decided how to carry out this additional relief.
Recovery in 2011
Still, Bernanke said that the conditions for an acceleration next year.
Thus, in his speech, Bernanke noted some positive aspects of U.S. economic conditions, including "an increase in recent quarters the rate of household savings in an average of almost 6% of disposable income, more than 4 % calculated above. "
"In the business sector, real investment in equipment and software (computer) rose at an annual rate of over 20% in the first half of the year," he said.
But it remains the high unemployment rate and, according to Bernanke, "is likely to decline only slowly"
Information published in elmundo.es .
| Date: July 13, 2010 | Source: Sources |
Go ahead and rate this post Loading ... Spain, in the midst of economic depression, hopes to play the dividends of his victory in the World Cup but, beyond the euphoria reigning record-breaking unemployment and growth does not take off.
"Winning the World Cup since then is proof that when we get something we plan and also to the difficulties we grow. All that is good, confidence in our country and outside," said Monday the government Finance Minister socialist, Elena Salgado.
Spanish Industry Minister Miguel Sebastian, had indicated last Thursday that would have to be revised upwards the GDP (Gross Domestic Product) for 2010 Spanish victory in the event of "The Red". The government is committed when a contraction in activity of 0.3% over 2009.
Battered by the housing bubble burst in 2008 combined with the international financial crisis, Spain is struggling to emerge from recession, with a modest GDP increase of 0.1% in the first quarter of 2010.
The unemployment rate rises to 20%, the highest in the euro area, the deficit exploded to 11.2% of GDP and observers believe that the country faces several challenges to overcome the crisis: reform its labor market and its banking system and contain public spending.
But the victory may temporarily alleviate the evils Spanish, for example due to a boost in household consumption.
Triumph "can help the consumer," says Josep-Maria Sayeras, an economist at ESADE, warning while anyway, "there are many clouds on the horizon."
"When a society is happy, always moves to the consumer," he told AFP Miguel Angel Fraile, secretary general of the Spanish Confederation of Commerce, which includes about 450,000 retailers.
"Sure that consumption will increase. Do not know at that level," he added.
An ABN Amro Bank study made on the occasion of 2006 World evoked an increase of 0.7% projected growth for the champion, a figure that seems too ambitious for many economists.
One element that could dampen consumer enthusiasm is that the Spanish private debt is already high, 178% of GDP, and that the poor employment situation should limit consumption.
A study by the Nielsen cabinet, consumer confidence reached in the second quarter, a record low.
An economic sector that could exploit the World Cup effect is tourism, which contributes 10% of GDP. Spain is the third largest tourist destination after France and the United States.
"It is good for tourism," he told AFP Marcio Favilla, executive director of the World Tourism Organization (WTO), based in Madrid.
"In tourism promotion, the positive image is very important," Favila said, adding that cities like Barcelona and Madrid, home to the two biggest teams in the country should "capitalize on the victory as early as possible."
| Date: May 20, 2009 | Source: Europa Press |
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Secretary of State for Economy, José Manuel Campa said today that there is evidence to suggest that the rate of deterioration of the Spanish economy "could have reached its peak."
Campa, who appeared for the first time to reporters since being appointed Secretary of State for Economic , valued and GDP data from the first quarter, accounting for a drop of 3% year of the Spanish economy.
According to Campa, although it is still necessary to see the first signs of recovery with the "utmost caution", since the data are "highly preliminary" by the degree of "volatility context," some indicators seem to "suggest" economic developments " not be so negative in the second quarter, "as in the first.
| Date: May 19, 2009 | Source: Sergio Jesus |
Go ahead and rate this post Loading ... The Second Deputy Prime Minister and Minister of Economy and Finance, Elena Salgado, said today that in a few weeks will see the first green shoots in the Spanish economy.
"Hopefully a few weeks and we'll see," stated Salgado to the media after his speech at the session of Government control in the plenary of the Senate.
Salgado was responding to was asked about statements by some officials of the European Central Bank (ECB) have warned that it is still premature to talk about economic recovery.
The Portfolio Holder Economy reminded that other members of the ECB, as the president of the organism, Jean Claude Trichet, have said they already saw signs "positive" and stabilization.
Much has been talk in recent days of green shoots, but to date had not seen any, so I decided to look for display to the world, and here it is, I have found ...
| Date: March 17, 2009 | Source: Sources |
Votes: 1 Rating: 5.00 / 5) Loading ... The International Monetary Fund (IMF) revised downward its economic forecast for 2009 to show a contraction of 0.6% worldwide and 3.2% in the euro area.
These figures were advanced today by the special adviser to IMF managing director Dominique Strauss-Khan, Teresa Ter-Minassian, in a conference organized in Lisbon by the Institute of Finance and Economic Law Attorney.
Ter-Minassian, that between 2001 and late last year was the director of the department's budgetary matters IMF , moved that the new forecasts point to a contraction in the euro zone of 3.2% in 2009 and stagnation (0.1 %) in 2010, the most pessimistic so far known.
Meanwhile, the global economy will contract 0.6% this year and in 2010 recorded a recovery of 2.3%. The forecasts in late January were a growth of 0.5% and 3% respectively.
For the United States, the IMF suggests a decline of 2.6% in 2009 and a slight growth of 0.2% in 2010, instead of -1.6% and 1.6%, expected in January.
A similar situation is that of the United Kingdom. The IMF anticipates a contraction of 3.8% this year and -0.2% for 2010. One of the predictions advanced by Ter-Minassian more surprising is the downward revision to the Japanese economy since the IMF expected to fall by 5%, double than expected in January, 2009, while for 2010 the Nippon economy could stall.
However, the international institution responsible for the view that the forecasts are subject to advanced "downside risks".
