City---Annual Outlook 2009

Amid unprecedented stress in the core of the global financial system, the world is now in the midst of a global recession. Major industrial economies are expected to contract well into 2009 as adjustments occur to raise the level of savings in these economies. The depth, scope and pace of this adjustment and the recovery of the financial sector are likely to remain important sources of uncertainty for the next few years.So even as the pace of economic contraction is expected to ease moving into the second half of 2009,growth is likely to remain below trend even after an expected recovery in 2010.


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