Recovery from the World Financial Crisis Has Started but Will Be Slow
Progress Foundation, Zurich, October 21, 2009
We are now beginning to see some signs of economic recovery, but growth in the United States and other advanced countries will be slow well into 2010. There has been a flurry of policies, proposed reforms, and fiscal and monetary actions in an attempt to put the economy back on stable ground and quell the financial crisis and deepest recession since the Great Depression. But the questions surrounding whether we have seen the bottom, as well as what type of recovery we actually are in, continue to be debated. In this paper, I will examine the efficacy of the fiscal, monetary and other policies adopted to overcome the crisis, and evaluate the reforms now being proposed to prevent future crises and put the economy back on a sound growth path.