Highlights from Global Economic Outlook panel at WEF
DAVOS, Switzerland (Reuters) - Following are highlights from the Global Economic Outlook panel at the World Economic Forum in the Swiss resort of Davos on Saturday.
U.S. ECONOMIC ADVISER LARRY SUMMERS
"What we are seeing in the U.S. is a statistical recovery and a human recession.
"This suggests that the policies to contain to economic collapse have been successful."
"My judgment ... and most people's judgment ... will be that GDP growth will continue at a moderate rate at least for the next several quarters ... What is disturbing is the level of unemployment. This is not just a cyclical phenomenon but also a structural phenomenon."
"I think it is also essential ... that in the United States and other parts of the industrialized world, our ability to maintain confidence over the short and medium term will depend not on taking overly rapid fiscal consolidation."
"Not everyone can have export-led growth. Countries traditionally have export-led growth desire to continue that growth, countries that have been substantial borrowers want to reduce that borrowing. There's a mismatch, It's serious... it's an adding up problem.
PEOPLE'S BANK OF CHINA DEPUTY GOVERNOR ZHU MIN
"China had a good year, we had GDP growth of 8.7 percent but behind the number the structure is much more balanced. Continued...