The global recession is over and a recovery has begun, Olivier Blanchard, the top economist for the International Monetary Fund (IMF), said today.
"The turnaround will not be simple," Blancard wrote in an article released by the IMF. "The crisis has left deep scars, which will affect both supply and demand for many years to come."
Economic growth is on the way for most countries, Blancard said, but it will not be strong enough to reduce unemployment for a while. Growth will be highly dependent on government stimulus from fiscal and monetary policies, he said.
The stock market reacted by bouncing back today after a steep sell-off on Monday. The largest local gainers this morning in the BizTimes Stock Index were Joy Global (up $1.38 to $39.26) and Bucyrus International Inc. (up $1.19 to $31.33). The largest decliners this morning were Wisconsin Energy Corp. (down 39 cents to $44.35) and A.O. Smith Corp. (down 13 cents to $37.86).
IMF economist says global recession is over
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