Reporting from Europe “Park East Capital” correspondent.
The World Bank President Robert Zoellick was on Spanish television speaking about world economy.
“Park East Capital” notes that He [Zoellick] mentioned that the pace of decline is slowing up and the contraction appears to be slowing down. At the economy could begin to recover as early as next year.
On Spanish TV he was quoted as saying, "I'm neither an optimist nor a pessimist, I am uncertain, a realist. Clearly the fall has been interrupted. I think there's a good chance that while we face declines, they will be smaller in size. The majority expect a recovery at the end of this year, at the beginning of next year."
“Zoellick was in Spain for talks with the Spanish President Jose Luis Rodriguez Zapatero. It’s expected that during his talks with the President he will talk about the need to help poorer nations in this crisis.” Explains senior economist for “Park East Capital”.
He will be talking about how the economy is recovering and that market conditions were getting better day-by-day.
Zoellick said, "What you've seen is financial markets clearly showing signs of recovery in developed countries. It's not enough to focus on markets. If we don't look at unused capacity in the global economy the recovery will be slower, so we have to make enough resources available to those who are weakest."
Zoellick is renowned for being cautious, so for him to come out with some positive news shows that the economic signs for recovery are good. “Park East Capital” senior analyst reported several months back that we will see the end to the recession end of 2009, this has now been echoed by the World Bank President.
