Twelve months after hitting the trough in the worst global recession since the Great Depression, the world economy is recovering steadily on the back of unprecedented fiscal and monetary policy support by governments and central banks. However, unexpected dark clouds, in the form of the European sovereign debt crisis, falling stock markets and stubborn US unemployment, have gathered on the horizon. At the same time, the potential downside risks to the world economy of poorly timed unwinding of stimulus policies, over-regulation and asset bubbles have not abated.
Are these mere passing showers or ominous signs of a world spinning headlong into the dreaded double-dip recessionary storm?
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