Global output is now expected to decline by more than ½ per cent this year. That may not sound so bad. But, in comparison, global growth was 5 per cent in the boom years. In Denmark, a decline in the range of 1½ per cent is expected for the second year running. International growth estimates are regularly adjusted downwards.
There is a high degree of uncertainty, and it is impossible to say when the tide will turn. A few very recent indicators, mainly for the USA, are slightly more positive than they have been for some time, but it is still too early to talk of an economic spring. All over the world, economic policies have been eased significantly.