Although recession is still a reality for much of the global economy, the IMF has recognised that there are signs of growth. In fact a handful of economies are already officially out of recession already including France and Germany.
Olivier Blanchard made the announcement which is due to be officially published tomorrow, but takes the opportunity to urge caution against a false dawn which could happen if support in terms of support from Governments ceases too soon. He recognises that the economies emerging from this abnormally steep financial crisis will carry the scars for many years.
This comes at the same time that the Department for Children, Schools and Families statistics is announcing unprecedented levels of 'NEETs' amongst it's young population (Not in Employment Education or Training). It is believed that by the end of the year the number of youngsters in this bracket could rise to a million. This level could continue to rise for a sustained period leaving a legacy of a generation of aimless youth which could give rise to some severe social and economic problems.
The conclusion must be that we are 'not out of the woods' by a long way and the consequences of this financial crisis could effect a generation despite Governments and the IMF telling us that the 'crisis' is over, in many ways it has just begun...
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