../Morning Post
Posted November 16, 2009
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Global Economy

Global Recovery Faces Serious Hurdles Next Year

"The global economy faces serious hurdles next year including 'large-scale' unemployment in rich nations, asset bubbles, and backsliding towards protectionism, the World Bank chief said Friday. In a sobering assessment of the fragile status of the economic recovery, Robert Zoellick outlined a list of potential pitfalls to a business forum on the sidelines of an Asia-Pacific summit...." [Agence France Presse/Factiva]

Xinhua adds that "...high unemployment is likely to cause 'second-wave effects' to financial institutions as problems will continue in consumer loans, credit card loans and mortgages and sometimes commercial properties, Zoellick said.... He said rising unemployment will also prompt political leaders to raise barriers and take up protectionism measures to defuse political pressures...." [Xinhua/Factiva]

AP writes that "...Zoellick said that another little-mentioned risk was the specter of inflation in the Asia-Pacific region after central banks moved to 'open the tap of liquidity' in the face of the crisis.... Zoellick said that if central banks follow the Fed and keep rates low they risk triggering inflation, but if they opt for rate hikes their currencies will appreciate and make their crucial export sectors less competitive...." [Associated Press/Factiva]

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