Economists: No global collapse in '08
Growth likely to slow, but world economy will remain resilient in face of U.S. mortgage meltdown, credit crisis, Citigroup report says...
Even though the battered housing market and credit crisis have created turmoil in financial markets, economists expect global growth to slow rather than collapse next year, according to a report released Monday...
The forecast "reflects the judgment that the current stresses from the U.S. housing sector, high oil prices, a weak U.S. dollar and the recent financial turmoil will not overwhelm the global economy," Lewis Alexander, chief economist and head of economic and market analysis at Citi, wrote in the report...
Strong productivity growth, solid household finances and a lack of imbalances outside of the housing sector should benefit the U.S. economy, the report said. Non-financial firms have high profit margins and strong balance sheets, it added.
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