Geithner: Worldwide recovery to be marked by setbacks

07/14/2009 | Bloomberg

The global economy will face setbacks as it recovers, Treasury Secretary Timothy Geithner warned during a speech in Jeddah, Saudi Arabia. The setbacks can be attributed to nations' adapting to a loss of wealth and a surge in public debt, he said. "Given the extent of damage to financial systems, the loss of wealth, the necessary adjustments to a long period of excessive borrowing around the world, it seems realistic to expect a gradual recovery, with more than the usual ups and downs and temporary reversals," Mr. Geithner said.

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