WASHINGTON – Turnabouts in European and Asian economies, along with recent gains in the U.S., are raising hopes that the worldwide recession is drawing to a close. That’s not to say the coast is clear.
The brightening outlook in Europe and Asia and the improvement in U.S. credit markets and indicators reflect heavy government stimulus spending. Many analysts question whether the top economies can sustain recoveries after stimulus measures and easy-credit policies have run their course — and in the absence of significant new consumer spending, especially among Americans.
“It’s not clear that these economies can continue to move forward without stimulus,” said Mark Zandi, chief economist for Moody’s Economy.com. “And that’s in part why stock markets across the globe are nervous.”
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