From U,V,W,economists have chosen a number of different alphabets to describe the recovery from the meltdown. But that has not gone down well with Pranabda. Terming the global economy as a 'tsunami" that is going through a very difficult phase,Finance Minister Pranab Mukherjee today took a dig at the economists who come out with various theories of recovery since last year. "Economists used to tell us last year that the global economy will make a V-shaped recovery. That is,it will turnaround very quickly. Then,I was told it will be U-shaped recovery,meaning it will stay at the bottom a little longer before recovering," Mukherjee told the Indo-US Business CEOs Forum here yesterday. "Recently,with the riks of a new crisis in Europe,experts are saying it may be a W-shaped recovery. Frankly,I am beginning to feel that for every alphabet in the English language,there is a theory of recovery," he quipped. Stating that there is uncertainty which way the global economy go,the Finance Minister sounded a word of caution for both governments and corporate."We,be it the corporations or the governments,have to be careful and vigilant. I realise that the global economy can be as stormy as any sea. In fact,very often it feels like a tsunami," Mukherjee said. He said the world has begun to come out of the great recession of late,prompting the governments around the world to protect banks and corporations. "Unfortunately,now some of these governments themselves seem to have got infected. I am referring to the difficult sovereign debt situation that our friends in Europe are facing today," Mukherjee said. Stating that for India,the recovery is on a "surer footing," he said Q4 of the past fiscal witnessed economic growth at 8.6 per cent and this fiscal it is likely to expand by 8.5 per cent,and noted that the IMF has projected 8.8 per cent growth of this year. The IMF forecast means that the economy will grow at faster on the remaining parts of this year on an average,since the first quarter of 2010 yielded 8.6 per cent growth. "For once,however,I am not going to argue with IMF," he added.
