�Global financial crisis marks beginning of low growth era�

Xinhua, VIENNA: The financial crisis that struck global economies in 2007 began a new era of low growth rates that continue to persist today, governor of the National Bank of Austria (OeNB) Ewald Nowotny said on Monday.
The most recent forecasts show there has been no catch-up to pre-crisis growth rates, but rather a slow recovery, Nowotny said in a speech to the OeNB’s annual economics conference here.
He said at the moment global economies have been confronted with both a persistent negative production gap, coupled with lower growth rates over the longer-term.
He said the weaker recovery is also partly due to uncertainty over future economic growth developments, which in turn leads households to take higher savings precautions, and companies to postpone their investments.

�Global financial crisis marks beginning of low growth era�

Xinhua, VIENNA: The financial crisis that struck global economies in 2007 began a new era of low growth rates that continue to persist today, governor of the National Bank of Austria (OeNB) Ewald Nowotny said on Monday. The most recent forecasts show there has been no catch-up to pre-crisis growth rates, but rather a slow recovery, Nowotny said in a speech to the OeNBs annual economics conference here. He said at the moment global economies have been confronted with both a persistent negative production gap, coupled with lower growth rates over the longer-term. He said the weaker recovery is also partly due to uncertainty over future economic growth developments, which in turn leads households to take higher savings precautions, and companies to postpone their investments.