Global Markets Contract as Rates, Jobs and Forecasts are Cut - Jones Lang LaSalle

Global Markets Contract as Rates, Jobs and Forecasts are Cut - Jones Lang LaSalle

November 2008

Contribution from Jones Lang LaSalle. In mid-November, the G-20 held its first emergency summit to facilitate action against the global liquidity crisis. Instead of emerging with clear coordinated policy action to stem the crisis, leaders achieved only general agreement on the importance of strengthening economic growth, the need for cooperation in dealing with the financial crisis and the goal of establishing the foundation for financial reform to avoid similar crises in the future. While details on many of the announcements were light, the summit did mark an important change in global economic management in that it involved a larger group of nations than the typical G-8 economic powerhouses. Meanwhile emerging economies once thought to be insulated have been battered recently due to combinations of credit, currency and demand issues. Particularly in China, recent economic readings are weakening. Forecasters still are not predicting a technical global recession, but the question remains: With the developed world in recession and growth in the emerging world slumping more than previously thought, what will prevent the global economy from contracting now?

Keywords: Jones Lang LaSalle, research report, market report, economic downturn, recession, emerging economies, economic growth, monetary policy, stimulus package, global, occupancy market, vacancy rate

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