Hopes of an upturn later this year

Early signs of global stabilisation are evident as the full force of still deepening global recession hits our exports, employment, household income, corporate earnings and tax revenues, in the view of FNB chief economist Cees Bruggemans. “To end our current woes, we need resolution of the global financial crisis, along with first signs of economic activity stabilising,” he said. And while there is a long way still to go in cleaning up banks, with governments injecting a lot more new capital and banks writing off bad debts, he believes the process seems to be advancing.