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Ben Bernanke, has said recovery of the American economy is not going to happen until the financial markets and the banks are stabilized. Photo by abc.net
The head of the US central bank, Ben Bernanke, has said he expects America's recession to end this year and the economy will expand in 2010.
"This decline will begin to moderate and we'll begin to see a levelling off," the Federal Reserve chairman told the CBS 60 Minutes TV programme.
"The biggest risk is that, you know, we don't have the political will," Bernanke said. "Recovery is not going to happen until the financial markets and the banks are stabilized," and the government's plan is "going to take some patience. It's going to take some support," he said.
Bernanke said the world had come very close to financial meltdown last year, before governments stepped in.
Larry Fink, chairman and CEO of BlackRock, the world’s largest asset manager with USD 14 trillion in assets, warned that if oil prices reach USD 150 a barrel, the global economy could face a severe recession
Romania is facing mounting economic pressures as inflation continues its rapid ascent, raising fears of an impending recession
Russia may be heading into a recession, Economy Minister Maxim Reshetnikov admitted during the St. Petersburg International Economic Forum
Japan's economy has unexpectedly contracted, leading the country to slip from its position as the world's third-largest economy to the fourth spot, now behind Germany
Preliminary figures released by the Office for National Statistics (ONS) have revealed that the British economy has officially entered a recession in the latter half of 2023
Germany's recession this year will be worse than previously feared, leading economic institutes have warned, as high inflation and industrial slowdown hit Europe's leading economy hard
NEW POLL: HUNGARIANS UNITED ON NEED FOR A ‘DIFFERENT’ RELATIONSHIP WITH THE EU, BUT DIVERGENCES REMAIN ON UKRAINE
The Kremlin has announced that Russian President Vladimir Putin has ordered an “Easter ceasefire” in the war in Ukraine, declaring a temporary halt in hostilities lasting around 36 hours
A group of Members of the European Parliament has raised concerns over the potential leakage of confidential EU information to Russia, urging stronger safeguards within the European Parliament
Moldovan President Maia Sandu has formally enacted legislation withdrawing the country from the Commonwealth of Independent States (CIS), marking a decisive step in Chisinau’s gradual disengagement from Russian-led structures
The European Public Prosecutor’s Office (EPPO) has carried out a series of coordinated investigative actions across several countries, including Bulgaria and Romania, as part of a probe into suspected large-scale fraud involving EU funds
A fragile ceasefire between the United States and Iran has coincided with escalating tensions over the Strait of Hormuz, where Iran has moved to tighten control over one of the world’s most critical maritime routes
Aniventure Comic Con Returns to Bulgaria with Star Guest Christopher Judge!
Global Fuel Shock: Oil Jumps Over 40% Since Iran War Began
