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Friday , 22 January 2021

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Stephen Roach: Chances of World Sliding Back into Recession a Distinct Possibility

Economy watchers looking for a spark of life in the exhausted, debt-ridden American consumer are quick to latch on to any signs of a pulse and the latest came in the form of higher personal borrowing in March. The $6.02-billion (U.S.) increase marked the sixth consecutive monthly advance and was nearly three times higher than the most bearish forecasts. The best news of all, however, is that credit-card debt climbed, marking only the second such rise since the housing and credit market collapse. [Unfortunately, however,] “We’re only 20 per cent of the way there" says Stephen Roach. "The American consumer is toast - stuck with a legacy of excessive debt, inadequate saving, and facing high unemployment, higher under-employment, weak incomes and holding on to assets that are under water... [As such,] you can not rule out the chances of the world sliding back into recession.” Words: 1004

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