Second-half softening tests world economy

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15 July 2010

Commentary from Peter Hall, vice president and chief economist, Export Development Canada (EDC).

The pressure is rising. Slower growth is etched all over current data, dampening the bullish mood that dominated the airwaves in the first quarter. Markets are in yet another turbulent phase as we move into the post-stimulus phase of the rebound – perhaps the trickiest period in the past two years.

World growth figures for 2010 are much stronger than initial forecasts expected. Economic heavy-hitters cranked out impressive rebound-style growth in the fourth quarter of 2009 and the first quarter of this year. Forecasts were revised upward, and a growing chorus of analysts hailed the arrival of the long-sought recovery. Stock markets were pleased, and embarked on a spirited 3-month rally.

That all changed in late...

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