Lending rates need to come off for a rebound

We believe that the worst got over by mid-2012. Yet, there is still little sign of recovery. Sure, we do not set much store by the fact that the Central Statistics Office's 5 per cent FY13 growth forecast came in well below our 5.5 per cent as much of the explanation appears to be statistical. At the same time, our lead indicators are also stagnating at early-2012 levels when they signalled that growth was bottoming.

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