Development and Finance from issue 2010/1

Péter Gál - Csaba Moldicz - Tamás Novák - Zsolt Szabó

Shaky Growth Outlook, Domestic and International Risks Remain Substantial

- Abstract -

The world economic outlook will remain uncertain throughout 2010 as well. Looking at the factors supporting growth, the fiscal incentives implemented by the largest countries continue to dominate, while the other two components of (corporate) investments and external demand are still making no contribution to growth. The lasting upswing may be hampered by instability in international financial and money market trends, the expected rise in commodity and energy prices along with the burgeoning protectionism. The global economy is still characterised by a paucity of funding, in spite of the fact that key rates of interest followed by interbank interest rates fell sharply in the course of 2009. Lending problems are rearing their head particularly in Central and Eastern European countries.

Péter Gál, professor of economics (Corvinus University of Budapest)
Csaba Moldicz, associate professor (Budapest College of Management)
Tamás Novák, associate professor (Budapest Business School)
Zsolt Szabó, senior fellow at MFB Zrt.

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