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The global economy should emerge from recession by the end of the year on the back of a resurgence in major developing countries like China and India, the International Monetary Fund predicted Wednesday. But advanced economies continue to lag, facing risks from unfinished work shoring up financial sectors, as well as new concerns from the piles of debt governments are amassing from crisis measures. "The worst is behind us, and the recovery is coming," the IMF's chief economist, Olivier Blanchard, said at a press conference to discuss the fund's updated global forecasts.
G8 leaders are gathering in Italy this week to discuss progress in combating the global economic crisis, which finally appears to be losing steam. Encouraged by recent improvements in both markets and economic activity - with JPMorgan Chase & Co. (JPM) estimating that purchasing managers indexes globally had returned to pre-crisis levels last month - the leaders are expected to turn their focus more toward devising exit strategies for when a recovery takes hold. The IMF said that while it is too soon for governments to start unwinding crisis measures, clear and coordinated exit strategies should be laid out to avoid a potential new wave of turmoil in sovereign debt markets. While U.S. banks have been able to raise capital, dealing with troubled assets remains a priority, the IMF said. Japan's economy is also showing signs of stabilization, with aggressive fiscal policies and strength in regional economies expected to provide further support to growth, the fund said. The economy is expected to contract 6% this year, instead of a previous forecast of a 6.2% decline, with the 2010 growth estimate raised to 1.7% from 0.5%.
CA CRISIS SOLVED
California are near a budget deal that will solve the crisis
The Sacramento Bee, 7 – 17 – 09, “California lawmakers target city, county funds to close budget gap”
[Written by Jim Sanders, http://www.sacbee.com/capitolandcalifornia/story/2033296.html]
California cities and counties will take a multibillion-dollar hit to help close the state's massive budget gap.
Schwarzenegger, in a news conference, said he is "very close" to striking a deal."There's a will there, in this building, of both parties to get it done," he said. Bolstering state coffers with local government funds would replace revenue lost by killing proposals to hike taxes on cigarettes, impose an oil extraction tax and raise vehicle registration fees to bankroll state parks. A three-pronged revenue package totaling more than $4 billion this year from cities, counties and special districts is the acknowledged choice within budget negotiations, according to multiple sources familiar with the talks. Schwarzenegger has agreed to restore the $9.5 billion from last year, but he has balked at altering state law, saying education groups should place the issue before voters.
Why do diseases love debate? … They love to spread!!
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