Tuesday, 20 January 2009

STT vs Self : Nordea Economical View

It's sometime interesting to see how news can be threated ...

An example of that is a news from the Global Chief economist Nordea, released today (the news not the economist...)

Here is what STT has to say:

"Nordic bank Nordea said in a statement Tuesday its economists saw light at the end of the tunnel and expected a gradual recovery of the global economy in the second half of this year.

"The main reason why we expect a reversal as early as this year is the fast political response in most countries to counter the effects of the crisis - eg, in the US where the new president, Barack Obama, is inaugurated today," said in the statement Helge Pedersen, Nordea's chief economist.

Nordea added it expected the steep downturn on export markets to send the Finnish economy into recession.

And here is the way I would approach it, having read the full release from Nordea:

"The steep downturn in the export markets will send the Finnish economy into recession.

After several years of substantial growth, the economy will hardly grow at all over the next couple of years on average.

Unemployment will increase quite markedly, even though the labour force will shrink exceptionally as a large number of people will retire.

The actual contraction phase will probably be over in the summer, but the labour market will not rebound during the forecast period
.",Helge J. Pedersen, Nordea Global Chief Economist

So that is the kind of "filtering", I have been talking all the way long in this blog. That Editor, can decide to censure the good or bad news, making the news appear the way they want for political, economical or social reason. Distortion exists at all levels, my blog included.

Bottom line, cross check your reference and don't be a passif reader but instead dig the information...

Here is the full release : Pedersen Economical View

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