Green shoots
Encyclopedia
Green shoots is a term used colloquially and propagandistically to indicate signs of economic recovery during an economic downturn. It was first used in this sense by Norman Lamont, the then Chancellor of the Exchequer
of the United Kingdom
, during the 1991 Recession. At the time, Chancellor Lamont was criticized for "insensitivity". The phrase was used again by Baroness Vadera, former Business Minister
of the UK in January, 2009 to refer to signs of economic recovery during the late-2000s recession, again to criticism from the media and opposition politicians. The U.S. media started to use the phrase to describe domestic economic conditions in February 2009 when the New York Times quoted Bruce Kasman
, chief economist at JPMorgan Chase as saying, "It's too early to get excited, but I think there are a couple of green shoots that say we're not going down as heavily in the first quarter [of 2009] as we were in the fourth quarter [of 2008]." The Federal Reserve Chairman, Ben Bernanke
, made the first public use of the phrase by a Fed official in a March 15, 2009 interview with CBS
60 Minutes
. Since February and March 2009, it has been used increasingly in the media and by a number of commentators to refer to positive economic data and statistics during the late-2000s recession.
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...
of the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, during the 1991 Recession. At the time, Chancellor Lamont was criticized for "insensitivity". The phrase was used again by Baroness Vadera, former Business Minister
Department for Business, Enterprise and Regulatory Reform
The Department for Business, Enterprise and Regulatory Reform was a United Kingdom government department. The department was created on 28 June 2007 on the disbanding of the Department of Trade and Industry , and was itself disbanded on 6 June 2009 on the creation of the Department for Business,...
of the UK in January, 2009 to refer to signs of economic recovery during the late-2000s recession, again to criticism from the media and opposition politicians. The U.S. media started to use the phrase to describe domestic economic conditions in February 2009 when the New York Times quoted Bruce Kasman
Bruce Kasman
Bruce Kasman is the managing director and Head of Economic Research at the United States financial services firm JPMorgan Chase and as of June 2009, head of the American Bankers Association's Economic Advisory Committee.-Biography:...
, chief economist at JPMorgan Chase as saying, "It's too early to get excited, but I think there are a couple of green shoots that say we're not going down as heavily in the first quarter [of 2009] as we were in the fourth quarter [of 2008]." The Federal Reserve Chairman, Ben Bernanke
Ben Bernanke
Ben Shalom Bernanke is an American economist, and the current Chairman of the Federal Reserve, the central bank of the United States. During his tenure as Chairman, Bernanke has overseen the response of the Federal Reserve to late-2000s financial crisis....
, made the first public use of the phrase by a Fed official in a March 15, 2009 interview with CBS
CBS
CBS Broadcasting Inc. is a major US commercial broadcasting television network, which started as a radio network. The name is derived from the initials of the network's former name, Columbia Broadcasting System. The network is sometimes referred to as the "Eye Network" in reference to the shape of...
60 Minutes
60 Minutes
60 Minutes is an American television news magazine, which has run on CBS since 1968. The program was created by producer Don Hewitt who set it apart by using a unique style of reporter-centered investigation....
. Since February and March 2009, it has been used increasingly in the media and by a number of commentators to refer to positive economic data and statistics during the late-2000s recession.
External links
- "'Green shoots' remarks defended" BBCBBCThe British Broadcasting Corporation is a British public service broadcaster. Its headquarters is at Broadcasting House in the City of Westminster, London. It is the largest broadcaster in the world, with about 23,000 staff...
- "Ben Bernanke's Greatest Challenge" 60 Minutes60 Minutes60 Minutes is an American television news magazine, which has run on CBS since 1968. The program was created by producer Don Hewitt who set it apart by using a unique style of reporter-centered investigation....
- "Greenshoots a reality" NDTVNDTVNDTV is an Indian commercial broadcasting television network founded in 1988. It was founded by Prannoy Roy, an eminent journalist and current chairman and director of NDTV Group. NDTV currently has more than 1,000 employees producing news from over twenty locations in India...