Global market stabilising, says American Express
Credit card company American Express has suggested there are growing signs that the world economy is beginning to stabilise following months of gloom.
Global market stabilising, says American Express”
Credit card company American Express has suggested there are growing signs that the world economy is beginning to stabilise following months of gloom.
Although the organisation said it does not expect to see a recovery beginning in the world markets until the second half of next year, it did suggest the worst of the recession is now over and it expects to see a period of flat growth.
People looking for credit cards will welcome the news, as it could provide credit card companies with a bit more breathing space to offer better deals to consumers in the near future.
"To have several months of stability in billings I think is encouraging, but I wouldn't characterise it as a recovery," explained Kenneth Chenault, chief executive of American Express.
"If we can go for another two or three months and start to see some build, then that is going to be pretty encouraging," he added.
The global economic downturn which began with the banking crisis last October has caused several countries to go into recession, including the UK, which has in turn resulted in fewer credit card companies being able to lend at the same rate that has been seen in recent years.
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