By Paul Carrel and Ben Hirschler DAVOS, Switzerland (Reuters) - Just as they were getting their swagger back, the global elite stumbled last week on an emerging market sell-off that served as a reminder of the risks the global economy still faces. Veterans of the annual World Economic Forum in Davos seized on the wobble as a warning that expectations for a smooth upswing were misplaced, and that recovery would likely be volatile and uneven. The euro zone crisis is out of its acute phase and growth is returning across the developed world but a revival fuelled largely by vast amounts of new central bank money is a capricious one. The prospect of the U.S. Federal Reserve turning off its money taps this year, combined with political troubles in several emerging markets, drove last week's sell-off and exposed some of the unresolved problems in both developing and advanced economies.
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