Overstretched global economy creates nervous Gulf outlook | GulfNews.com

Overstretched global economy creates nervous Gulf outlook | GulfNews.com:



"Revisiting the events and issues of the global financial crisis, still rumbling on in various ways, it would seem that key differentiations are to be found between countries’ economic records according to the twin, essentially non-quantifiable, characteristics of culture and context.



That realisation should undercut any rigid, deterministic approach to policy, at least one that ignores the reality of how a given society is likely to respond.



One example from the pre-crisis era was the ability of Canada to eliminate its substantial budget deficit in the 1990s by reappraising what the state is for and cutting swathes of its spending, which depended on the willingness of that country’s citizens to see the matter sufficiently the same way. That, together with a common-sense approach to banking regulation that proved significantly absent elsewhere, enabled better survival of the credit crunch."



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