Date Added: May 2009
The upshot is that there is a "New normal" looming. Rather than the cheery 3.4% real GDP growth that we have seen globally in recent years, we will return to growth, but at a considerably lower level. How low? With consumers trying to repair their broken balance sheets - too little income supporting too much debt, much of that in busted real estate - we should not expect a resurgence of spending any time soon.