BBC NEWS | Special Reports | Global recession

BBC NEWS Special Reports Global recession

In an interesting debate on BBC held in Istanbul after the IMF meeting, the two most important questions that remained with an unclear answer where:
- Are we going to see growth soon, and what type of growth will that be?
- Are we going to create jobs again soon, and what type of jobs?

Clearly, both questions are related. The conclusion was that in order for growth to resume and jobs to be created again, it needs to be driven by private sector. But, with unemployment on the rise and not a clear sign of when it's going to start declining as Greenspan said yesterday, expect consumption to be weak for a while.

This is the recipe for continued stimulus packages. Although most of the first package has not been utilized, some voices like Paul Krugman, start advocating for more stimulus. Clearly, we've not seen it all in terms of fiscal deficit.