The overhang of debt around the developed world, said the OECD, is the major factor holding back a more vigorous recovery and the creation of thousands more new jobs. Pressure on public finances will also dampen public-sector employment growth in the the next few years. The OECD expects the jobless rate to peak in the first half of 2010 in America, but it may not be until 2011 that unemployment begins to fall in the eurozone area.The report says the recovery is tepid because economic activity is being held back by families and businesses repairing their finances and reducing their debts. China, the OECD predicts, will lead the global recovery, helped by its limited direct exposure to the financial crisis and by a massive stimulus package. The US, the world's largest economy, is expected to grow by 2.5 per cent in 2010 and a further 2.8 per cent in 2011.
The overhang of debt around the developed world, said the OECD, is the major factor holding back a more vigorous recovery and the creation of thousands more new jobs. Pressure on public finances will also dampen public-sector employment growth in the the next few years. The OECD expects the jobless rate to peak in the first half of 2010 in America, but it may not be until 2011 that unemployment begins to fall in the eurozone area.
The report says the recovery is tepid because economic activity is being held back by families and businesses repairing their finances and reducing their debts. China, the OECD predicts, will lead the global recovery, helped by its limited direct exposure to the financial crisis and by a massive stimulus package. The US, the world's largest economy, is expected to grow by 2.5 per cent in 2010 and a further 2.8 per cent in 2011.
The jobless recovery is on the way, ...
"on the way" ?? No it's not. It's already here. It should read "underway, by design". In the end, might makes right. Nothing has changed since the caveman.
