Summary of Economic Update

BNY Mellon,

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Economic Update summary
BNY Mellon’s chief economist shares his prognosis for the months ahead. Cheer up (a little).


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BNY Mellon chief economist Richard B. Hoey acknowledges that perils loom – from the US “fiscal cliff” to the euro’s lingering woes – but his prognosis is that the world’s economies will grow in 2013, though slowly. getAbstract recommends this lucid, expert economic snapshot.

In this summary, you will learn

  • How the US can surmount its “fiscal cliff,”
  • How emerging nations are faring in the wake of Europe’s dip and
  • Why the euro and the euro zone will survive.


Economic data forecast a “global growth recession,” with worldwide GDP increasing only 3% in 2012 and improving slightly in 2013. Stimulus programs have largely kept recession at bay, except in the euro zone. Expect real US GDP growth of “2% in 2012 and 2.5% in 2013.” Enhanced banking regulations and...
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About the Author

Richard B. Hoey is the chief economist for BNY Mellon. His periodic analyses of the world economy include this “Economic Update” from August 9, 2012.

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