Mid-year economic update: Not out of the woods yet
Risks could still derail the world economy
Despite improved global financial conditions and reduced short-term risks, the world economy continues to expand at a subdued pace. According to the mid-year update of the UN’s report “World Economic Situation and Prospects” (WESP), global economic activity is projected to slowly gain momentum, but growth will continue to be below potential and employment gains will remain weak. Rainer Falk summarizes the results.
The report (see reference) notes that since late 2012, new policy initiatives in major developed economies have reduced systemic risks and helped stabilize consumer, business and investor confidence, but with very limited improvement on economic growth ...
At first glance, everyday life seems not to have changed in Istanbul. The streets are congested; people hurry to the ferry or the bus. For weeks, there has been no terror attack. Nevertheless, there are some visible changes. There are much more policemen in the streets. In some days, the Istiklal Caddesi, the main shopping street on the European side, seems to be under a state of siege. At every street corner, there is police van with the blue light switched on.
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