China slows again as IMF warns against optimism

[steven johnson]

Source: The Independent


China's economy slowed dramatically for the second quarter running during the first three months of the year, official statistics revealed yesterday, though analysts said they were beginning to see the first tentative signs of a recovery.


China's annual rate of economic growth slowed from 6.8 per cent previously to 6.1 per cent in the first quarter of 2009, the weakest figure seen since the National Bureau of Statistics first began releasing quarterly data in 1992.


"Recovery is likely to be slow and relatively weak," the IMF cautioned, adding that continued monetary and fiscal policy initiatives were necessary if the world was to pull out of the current downturn.

Last month, the IMF said it expected the world economy to suffer its first recession for 60 years, with a global decline of up to 1 per cent during 2009. The body is due to unveil its latest economic forecasts next week.


Read more: http://www.independent.co.uk/news/business/news/china-slows-again-as-imf-warns-against-optimism-1669977.html

[RUMMYisFROSTED]

1. We can't be havin' optimism, g(G)oddamnit!

[Common Sense Party]

2. Optimism is bad for the pores! n/t

[RUMMYisFROSTED]

3. ...and the riches...

[Common Sense Party]

4. Ba-dum-bump-(crash)!

Good one.

[steven johnson]

5. Confidence is just a feeling you have before you understand the situation

[Deja Q]

6. Is the IMF ran by a bunch of wanking emos?

[SoCalDem]

7. The image that came to mind when I saw "China slows"

[riverdeep]

8. The Chinese economic growth was absolutely unsustainable anyway.

This is not necessarily a bad thing. In a car ownership survey, 37% of people driving in China today, did not know how to drive 3 years ago. They used to ride bikes, now they drive. More factories burning more coal than anywhere else on earth. All this while under totalitarian rule.

Humanity needs to find a new way of doing business, the old model of endless growth has more in common with cancer including the prognosis.