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Expert: World moving into second wave of financial crisis

(Xinhua)
Updated: 2009-03-18 22:13

Chinese economy to grow quicker in 2009

"I commend the Chinese government for being aggressive in acting a 4 trillion RMB stimulus package last November. But it may not be enough," said Roach. "I think eventually the government is going to enact additional fiscal measures."

China is a very open economy, with its export and import shares extremely high, he said, noting that a major contraction in its export markets has taken a major toll on the Chinese economy.

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Roach said that China's economy will recover soon, if the country takes more aggressive actions to stimulate internal private consumption, while reducing its dependence on exports.

"I think China's economy will grow more rapidly than the rest of the world, there's no question about it in 2009," he said.

World economy to recover in 2010

Roach said that 2010 will be a year of positive growth for world GDP, but it will be a weak recovery.

"Every recession is followed by recovery. It's going to be a weak upturn (this time)," he said, noting the post-bubble deleveraging will continue to be an important force in holding back demand in the US and elsewhere in the world.

"I believe strongly the recovery following the bottoming is disappointing in terms of its vigor. We need to continue to be cautious on the economic climate for some time to come," he said.

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