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Policymakers warn don't get excited about recovery

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Policymakers warn don't get excited about recovery

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After six weeks of climbing stockmarkets and Wall street beating records that stood since 1938 policymakers are pouring cold water on hopes the global economy has turned the corner. The OECD boss Angel Gurria led the charge, joining his voice to those of Barack Obama and ECB boss Jean-Claude Trichet among others.

Gurria said the world economy was unlikely to bottom out until next year, and growth would only return towards the end of 2010. The Bank of Japan’s governor added more gloom, saying the number of companies reporting funding and lending difficulties from financial institutions was increasing, and Japan’s economy was significantly deteriorating.