Olivier Blanchard, the IMF research head, appeared more upbeat at his news conference this morning than at any time over the past few years
Olivier Blanchard, the IMF research head, appeared more upbeat at his news conference this morning than at any time over the past few years. The acute risks had gone, he said. Risks remained but they were no longer at the centre of forecasters' concerns. Blanchard reiterated the prospect for global output growth to be higher in 2014 than in 2013. Behind the headline forecasts, however, is an important measure for the raw material markets, namely, the investment intensity of global growth. Raw material consumption is higher, everything else being the same, when the investment intensity is on the rise. The latest IMF forecasts have the investment intensity rising every year to 2019.
John Robertson is Chief Investment Strategist for PortfolioDirect a provider of resource sector investment stock ratings and portfolio strategies for mining and oil and gas investors. He has worked as a policy economist, corporate business...
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