THE dog days of August have often spelled trouble for the world
economy. In 2011 America’s politicians flirted with default and the euro
seemed to be heading for collapse. The summer of 2012 brought another
bout of euro angst and depressing evidence that many emerging economies
had stalled. But so far this season the good news has outweighed the
bad.
After a year and a half of recession, the euro area’s economy has
begun to grow again. Its GDP rose at an annualised rate of 1.1% in the
second quarter Britain’s recovery has gathered pace. Evidence is mounting that...Read more...
