World economy stabilising says Paul Krugman

Posted by Kendall Harmon

Speaking in UAE, the world's third-largest oil exporter, Krugman said Japan's solution of export-led growth would not work because the downturn has been global.

"In some sense we may be past the worst but there is a big difference between stabilising and actually making up the lost ground," he said. "We have averted utter catastrophe, but how do we get real recovery?

"We can't all export our way to recovery. There's no other planet to trade with. So the road Japan took is not available to us all," Krugman said.

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Filed under: * Culture-WatchGlobalization* Economics, PoliticsEconomyThe Banking System/SectorThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--

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Posted May 26, 2009 at 5:27 am [Printer Friendly] [Print w/ comments]
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