Yet they still refuse to use the ‘D’ word .. Depression, which is what we’ve seen the past 4 years. They refuse to use ‘depression’ because they know the psychological effect it would have on the minds of the world.
FedEx Corp. says the global economy is stalling, and it’s going to get worse next year. FedEx’s forecasts are closely watched for signals of future economic health. CEO Fred Smith suggested trade has slowed to levels seen during the last two significant economic downturns.
Several countries in Europe are in recession and the U.S. is struggling with high unemployment and weaker manufacturing growth. And Smith said some experts have underestimated the severity of the slowdown in exports from China. Bigger rival UPS said in July that it expects the global economy to get worse before it gets better.
Economic growth around the globe has slowed over the last several months. Output has declined in Japan, China and elsewhere in Asia. U.S. industrial production last month fell by the largest amount in more than three years, as factories produced fewer cars, pieces of furniture and other goods. Meanwhile rising gas prices and high unemployment kept consumers from spending freely.
Smith said a continued slowdown in the developed world combined with high fuel prices will keep trade volumes trailing growth in the world’s economies, mimicking a trend seen in the last two recessions.