Energy Predictions 2010
During the lourth quarter of 2008 and the first quarter of 2009,industrialized economies were contracting at a rate notseen since the Great Depression. Unemployment was rising, corporate profits were decreasing, and consumers were continuing to suffer. Then, policymakers around the world, who had previously been on the sidelines, implmented their economic recovery plans.
Based on several pieces of new evidence, it appears likely that a turnaround - albeit a tepid one - is beginning to take shape in the seven largest OECD nations and several emerging ones. According to forecasts made by the Economist Intelligence Unit, OECD countries are expected to grow on average by 1.5 percent in 2010 more specifically, by 1.2 percent in Canada, .07 percent in France, .05 percent in Germany, 2.7 percent in Italy and the U.S., 2.3 percent in the U.K., and l.3 percent in Japan.
The outlook for emerging nations such as China and India is more encouraging. China remains one of the fastest growing economies in the worid, even though by Chinese standards, the country is in the doldrums. Economic growth for 2009 is expected to be in the neighborhood of seven percent, down from double-digits in the past, but is poised to grow by 8.5 percent in 201O. ln lndia too, the fog is lifting. Through much of the early part of 2009, there was a palpable gloom in a country that had previously seen growth above nine percent. Part of the grimness came from the realization that lndia was not immune to the global economic slowdown. But here too, there is good news. The economy is forecast to grow by 6.3 percent in 2010.