Global Economy Set for Slow Recovery [Arirang News]

Click "CC" for Scripts Subscribe to arirang! http://www.youtube.com/subscription_center?add_user=arirangnews Economists have expressed restrained confidence about the state of the world economy. They say the risk of a global recession is subsiding, but the pace of recovery will likely remain weak. Hwang Ji-hye tells us the prospects for recovery in the U.S., China and Korea. The global economy seems to be emerging slowly from the hangover that came after the financial crisis with the recent positive outlooks for the U.S. and Chinese economies among the latest signs that things are moving in the right direction. The U.S. economy contracted at an annual rate of zero-point-1 percent, but economists don't see the decline as a harbinger of a recession, with some saying it's the "best-looking contraction in U.S. GDP" they've seen. They say that strong consumer spending and business investment suggest that the U.S. economy will grow this year, albeit slowly. China's economic growth also rebounded to nearly 8 percent from a year earlier in the fourth quarter last year, putting a stop to seven straight quarters of sluggish growth. But economists are warning against being overly optimistic about the numbers with Japan and eurozone economies lagging behind, they say it's hard to predict if things will continue to follow an upward trend. The prospect of an economic recovery in Korea seems like it's still a way off due to the country's rising household debt and a strong won. Experts say that the won's recent surge against the weakening Japanese yen has sparked worries about whether the export-reliant economy can survive shifting exchange rates and other external shocks. Household debt is another factor weighing on Asia's fourth-largest economy. It reached 930-trillion won, or roughly 850 billion U.S. dollars, as of the end of September last year. Hwang Ji-hye, Arirang News. * For more information - Arirang Homepage: http://www.arirang.co.kr - Arirang World Official Facebook Page: http://www.facebook.com/arirangtv - Arirang World Official Twitter Page: https://twitter.com/arirangworld