THINGS just keep getting worse. Each time a report on the global economy crosses my desk - and scores do at regular intervals from agencies such as the International Monetary Fund (IMF), the World Bank, the OECD and the Institute of International Finance (IIF) - the litany of woes grows longer and more depressing.
Where is it all leading?
The world economy is not in recession or a "slump" - yet; hopefully, we are still far away from economic depression. But prolonged economic stagnation suggests that stimulus measures are failing to gain traction and, as forward momentum fails, the risk of a backward slide becomes real.
Two important reports published last week underlined the dangers: The first...