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Global economic recession to last for another two years: Fan Gang

By Wang Xu (chinadaily.com.cn)
Updated: 2009-03-21 10:29

The world economic recession could continue in the upcoming two years and the Chinese economy may start to recover from next year, said a senior Chinese economist today.

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The possibility of the global economic recession continuing in the next two years is rising, said Fan Gang, member of the central bank's monetary policy committee and director of the National Institute of Economic Research. He said the US economy may not be able to achieve a 2 percent year-on-year growth in the fourth quarter of this year as expected by many economists.

Even if the world economy recovered two years later, it would remain at a low level, or even a zero level of growth, he said at the three-day China Development Forum 2009, which starts today.

Fan said the Chinese economy could start to recover from next year after corporate investment, especially that in the real estate sector, picks up.