Economic Survey 4-2009

The global economic downturn appears to have reversed. In the USA and the euro area, GDP fell substantially less in the second quarter than in the preceding quarters, and national accounts figures for the third quarter show clear growth. In parts of Asia, the upswing began as early as this spring. An active counter-cyclical policy in most countries has contributed to the improvement that appears to be taking place in the global economy. Financial market uncertainty has lessened and risk premiums have fallen, but the upturn is fragile, and negative events have an unusually strong impact on foreign exchange rates and stock market prices.