G7 recovery still on course
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IRJ Mar 10 - A distinct lack of momentum will drag on the rich world's economic recovery this year, according to analysts who say economists largely bucked a recent trend of rising forecasts.
Median forecasts from the survey of around 250 economists showed slight downward revisions to 2010 quarterly growth forecasts for the United States, while those for Britain and Japan were mostly unchanged from February's poll. Predictions for recovery had been improving steadily since last year in tandem with an explosive stock market rally.
But with increasingly confused economic data now clouding the outlook, forecasters also pushed back expectations for interest rate hikes in the U.S. and euro zone—again bucking a trend for more aggressive forecasts to tighten monetary policy.
Median forecasts from the survey of around 250 economists showed slight downward revisions to 2010 quarterly growth forecasts for the United States, while those for Britain and Japan were mostly unchanged from February's poll. Predictions for recovery had been improving steadily since last year in tandem with an explosive stock market rally.
But with increasingly confused economic data now clouding the outlook, forecasters also pushed back expectations for interest rate hikes in the U.S. and euro zone—again bucking a trend for more aggressive forecasts to tighten monetary policy.
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