2008 economical outlool

摘要

The Financial crisis in the USA throws great uncertainty on the worldwide economy. This uncertainty finds its roots in the weak United States housing market. The ongoing housing downturn in the Unitea States became much more serious in the third quarter of 2007 with the sub-prime mortgage meltdown, which triggered a full-scale unpleasant credit situation that expanded throughout the global financial system. This together with the decline of the United States dollar vis-d-vis other major currencies, the persistence of large global imbalances and high oil prices could threaten the sustainability of global economic growth and transmit the recession to the rest of the world in the coming years (1). The United Nations report stresses the fact that the effects of the slowdown activity of the USA have been found in major European economies and, to a lesser extent, in Japan and other developed countries.