Summary of Economic Update

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Economic Update summary


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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.

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.



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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