Steven Cross
Fear of a GFC 2 has now all but passed, AMP chief economist Shane Oliver has claimed.
“There is much less fear of a meltdown in Europe turning into a global recession,” Mr Oliver told The Adviser.
“It’s better than we expected, it turned out to only be a mild recession.”
Mr Oliver said while some countries, including Greece, are struggling, the northern countries in Europe are fairing a lot better.
"The countries in northern Europe are managing modest growth while in Greece more than one in five people are without a job," he said.
Of course, this predicament could be set for improvement as the second international bailout was passed by the Greek government last Thursday, allowing a further 7.5 billion euros to help stabilise the economy.
Europe is not the only market enjoying a modest recovery.
According to Mr Oliver, the US market is also showing signs of improvement.
Mr Oliver described the US market as “good, but not booming".
