Presentation by Susan Law @NPA- -financial crisis

1. Casualties and damages in global financial sector => more job losses and consumer spending cuts; US housing downturn a multi-year event leading to a protracted economic slowdown ( Merrill Lynch’s losses in the last 18 months = 23% of profits in the last 36 years )

2. And the worst has yet to come: synchronised recession in major OECD markets ERA’s forecast as at September 2008 (Note: global financial firms have reported US$514 bn of losses and write-downs on debt securities since the subprime crisis, out of a total of US$1trn estimated by IMF Source: CEIC, ERA US EU Japan