I mentioned in late February that the January leading economic indicator data was perhaps giving a glimmer of hope that we may see some economic recovery. A March 9, 2009 AFP (that's one of the French news agencies) news story, indicates that others are seeing this as well:
The global economy is "approaching" a pick-up point as positive elements that could fuel growth have yet to be priced in, G10 central bankers said Monday.
"We have a number of elements that are suggesting that we are approaching the moment where you would have a pick up," European Central Bank head Jean-Claude Trichet said in his capacity as spokesman for the G10 central bankers meeting at the Bank for International Settlements (BIS).
"I would say that we are at a level where the positives are not necesarily fully priced in," he added.
He did not specify a turning point but said central bankers would not depart from projections by global institutions, which are forecasting global momentum at close to zero this year before growth in 2010.
Trichet added that there was currently an under-estimation of the positive impact of sharply lower commodities and oil prices, as well as fiscal packages launched by governments.
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