Today is my birthday - can you guess during which recession I was conceived? In lieu of waking up early to blog a lengthy commentary, I chose to construct two charts.
G7 Growth: Going down hard
The chart illustrates quarterly growth rates on an annualized basis. Canada has not released Q1 GDP yet; the -6.5% represents the Bank of Montreal's forecast.
The G7 ex the US release their GDP growth rates on a q/q basis, not annualized. This chart compares the growth rates on an annualized basis ((Q1 2009/Q4 2008)^4-1)*100 = annualized growth for the comparison to the BEA's release. Clearly, the G7 is deep in the red.
G7 Equities: Moving on up
The chart illustrates equity indices for the G7 economies, normalized to 1994. A rebound is afoot - is it sustainable?