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The latest forecasts from the IMF predict a slow recovery for global economies and a rebalancing of growth in the various economic regions.
This means a quicker climb out of the recession for the more mature economies, the US first, but also Western Europe, and less rapid growth in the markets that made consistent gains after the Big Recession, but contributed throughout these difficult times to the overall growth in commerce worldwide (China, Asia, Latin America, and Russia).
Europe is at the crux of this new phase in which the project for a true banking union has stalled and where the high rate of unemployment and austerity measures put in place by individual governments cast a dark cloud over the optimistic outlook.
Unconventional monetary policies and fiscal stimuli have, to date, been unable to jump-start the Eurozone economy, despite massive amounts of money made available by the Central Authorities. The good news comes from across the Atlantic where increased private savings and easier access to credit have breathed new life into the construction business. This is what the glass industry needs, but it is not enough. Hoping to prosper solely on the thrust of export-oriented manufacturers can only lead to disappointing results in the medium-long term.
A rebalancing of global growth certainly will not be easy and will undoubtedly move forward at recurring fits and starts. Government intervention will require skill, economic wisdom and global coordination.
This is what the many business people are hoping for as they gather at Vitrum, in Milan, with optimism in their hearts and on their minds.
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FLASH NEWS 2 2013
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