Recovery ‘will not be rapid’
Wednesday 22nd April 2009, 2:30PM BST.
NEARING the bottom of the economic downturn will not signal an immediate recovery, a leading financier has warned.
Mort Mirghavameddin (pictured), managing director of Investec Bank (Channel Islands), the winner of the best large business prize at the 2008 Awards for Achievement, said that while recovery was around the corner it would not result in rapid levels of growth.
‘I think that generally the worst is over, especially with the fact that people are starting to look at property investment again in the UK.
‘They feel the bottom has been reached and that perception seems to suggest that a recovery is on the way.
‘But what is important is that people don’t think there is some sort of V-shaped recovery so that when it’s at the bottom it goes up, up and up straight away. It will hit the bottom and stagnate for a while.
‘For example, if you buy a property for £170,000 it will stay at that level for however long the bottom lasts – that might be two years or so, but when recovery comes its value will rise.’
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I do not feel that the worst is over. This recession is going to turn into the worst depression the world has ever seen. It makes me laugh that people listen to the people who didn’t see this coming to say whats going to happen next. (In the words of Gerald Celente.)
Gerald Celente is a respected trend’s analyst who has predicted this summer as a summer of hell. People are coaxed into believing the lies, it’s like they’re under spells. Do you want to hear the truth or do you like the lies that are tickling your ears? The New world Order is coming and it’s time to wake up and see where we’re headed. A one world government, a one world currency, a new world order is going to emerge from this. Educate yourselves.
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