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US first into recession, first out
The US may have been the first to tip into recession at the start of last year, but it may be the first big economy back on a growth path, according to the latest State Street Investor Confidence index.
The index rose by 12.7 points, largely driven by a pick-up in the confidence of US institutional investors, while the European and Asian indices actually declined.
Commenting on the index outcome, State Street Global Market's Andrew Capon said the rise in the global index had been entirely driven by North American investors while the Asian and European sub-indices had declined.
He said while commentators had previously suggested that the economic problems were made in the USA and that the rest of the world was remote, it now seemed as though not only had the rest of the world caught America's economic cold, but that the virus had transmuted into a far more virulent form.
"It now seems increasingly likely that the US, which tipped into recession at the start of last year, may be the first big economy back on a growth path in 2009," Capon said.
AUTHOR
Mike Taylor
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