Sunday, November 22, 2009
O.E.C.D. Cautious in Economic Forecast
This article discusses a particular role China has had in the recession. China has helped pull many OECD countries out of a recession, mostly due to easy bank lending and their large stimulus package. These things have allowed China's economy to expand rapidly. However, it will still be a difficult journey toward sustained growth. Growth is expected to be stuck at a low level for a while due to high debt levels. Still, hopefully this growth trend in China will contribute to an eventual full recovery.
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It's good to hear that China is growing in this recession, as it gives hope to the US and European nations. However, it has been argued by some economists that China is the main reason for the recession. The enormous budget surplus that China has with nations such as the US hurts the US economy. Furthermore, China keeps this surplus from balancing by keeping their currency low compared to the US, by buying so many treasury bonds.
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