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The Credit Cruncher was conceived to help you to keep up to date with credit crunch and recession developments, it provides some helpful credit crunch advice and it addresses personal debt. The Credit Cruncher also seeks to explain how the credit crunch started and shed some light on the worldwide recession. Recently, we have begun to look at how BREXIT will affect the UK economy. Please feel free to leave comments where relevant.

18 Aug 2009

IMF announces start of global recovery

Although recession is still a reality for much of the global economy, the IMF has recognised that there are signs of growth. In fact a handful of economies are already officially out of recession already including France and Germany.
Olivier Blanchard made the announcement which is due to be officially published tomorrow, but takes the opportunity to urge caution against a false dawn which could happen if support in terms of support from Governments ceases too soon. He recognises that the economies emerging from this abnormally steep financial crisis will carry the scars for many years.
This comes at the same time that the Department for Children, Schools and Families statistics is announcing unprecedented levels of 'NEETs' amongst it's young population (Not in Employment Education or Training). It is believed that by the end of the year the number of youngsters in this bracket could rise to a million. This level could continue to rise for a sustained period leaving a legacy of a generation of aimless youth which could give rise to some severe social and economic problems.
The conclusion must be that we are 'not out of the woods' by a long way and the consequences of this financial crisis could effect a generation despite Governments and the IMF telling us that the 'crisis' is over, in many ways it has just begun...

Related posts:
G20 prepares for recovery
Recovery or false dawn
Is the credit crunch over?

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