brazil front running the imf
News Posted On: 22 September 2009
The global economy should recover from recession in the first half of 2010 according to International Monetary Fund Managing Director Dominique Strauss-Kahn. In an interview published on Friday, Strauss-Kahn said recovery 'could happen even sooner'.
One has to wonder where IMF analysts have been the past six months. The stock market has already recovered more than half of the losses incurred during the credit crunch crash.
It is said that markets climb a 'wall of worry', and who can deny that lately there has been plenty to worry about. Just on Friday the Council of Mortgage Lenders reported that gross mortgage lending in the UK fell 37 percent year-on-year to 12.6 billion pounds in August, a decline of 13 percent from July's revised total of 14.5 billion pounds. And today we have real estate advisor Cushman & Wakefield saying that rents fell in over half the prime shopping areas worldwide in the first half of 2009, in the biggest drop ever seen during its 24 year survey.
The C&W report showed that Mumbai in India took the unfortunate honours in the decline stakes, with rents in the Colaba Causeway down a whopping 63.5 percent. In Europe Bucharest's Calea Victoriei, down 48.1 percent, fared worst.
However C&W's global head of retail John Strachan thinks the worst is behind us. "There will undoubtedly be some markets which will continue to be affected over the next year but we expect to see a greater number move back into positive territory," he said.
Despite the slump in average global rental income there were areas of strong growth, with the biggest gainer being Sao Paulo, Brazil, the Alameda Lorena, where rents rose by a remarkable 111 percent.
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