The winding down of stimulus programs around the globe, high unemployment and a continuation of subdued bank lending are likely to result in a global slowdown during the course of 2010, according to a new report.
Dun & Bradstreet’s 2010 Economic & Risk Outlook Report, released today reveals that growth in 2010 may be quite sluggish as many countries attempt to recover from the global economic crisis. More than 60 countries around the world are expected to record lower output in real terms in 2010 than they did prior to the crisis.
Despite predicting a global slowdown, the D&B report also forecasts positive economic growth at a global level and a promising outlook for Australia. The report predicts Australia’s key trading partners will record positive economic growth this year and Australia is expected to track Chinese demand which is forecast to continue at a relatively rapid pace.
According to Damian Karmelich, director of corporate affairs for Dun & Bradstreet, 2010 looks relatively promising for many economies around the world however, markets are increasingly appreciating the risk that a renewed economic slowdown could occur this year.
“2010 looks significantly more positive than 2009 however, as we predicted during 2009, this year will challenging,” he said.
He added that the year will “continue to reveal the differences in exposure of individual economies to the credit crisis.”