United States: America’s recovery a ‘false dawn,’ says Stephen Roach
Stephen Roach, former chairman of Morgan Stanley Asia, warns that despite some signs of improvement in the U.S. economy the recovery is still quite weak. Roach emphasizes that much of recent growth has been driven by inventory restocking and that households remain heavily indebted.
China: Many Local Gov’ts Aim for Lower GDP Growth This Year
Caixin reports that most of the local governments that have announced their GDP targets for this year aimed lower than they did in 2013, citing the need to rebalance the economy and improve the quality of growth.
Turkey: Central Bank’s rate boost to Turkish Lira fizzles out
As reported by Hurriyet Daily News, the Turkish Central Bank boosted all main policy rates in an attempt to support a weakening lira. The change of Turkish policy set the Central Bank in direct opposition with Prime Minister Recep Tayyip Erdogan, as the government wants rates held down to sustain growth ahead of an election cycle beginning with March local polls.
Cyprus: Cyprus and IMF-EU-ECB retake talks today
The IMF, the European Union and the European Central Bank started talks today with the Cypriot Government in Nicosia in order to reach an agreement about the third trench of the financial assistance program, as the Famagusta Gazette reported.