IT WILL BE A DIFFICULT YEAR

First fairy tale, then horror: if someone believed that about 2007, then 2008 put him at a loss for words. Markets and investors are entering 2009 with a pessimism unheard of in recent ages. Last year entered the history books and the same might be said for this year. Savers who only seek certitude and didn’t have the chance to utilize term deposits with great interest don’t have any offers now. And those who believe that the worst is over and the economy will rebound next year, can start buying shares, because those people always ride above any economic situation. And whoever buys first, earns more, and for the first time the shares will have a considerably lower risk rate in the most global markets. Savings in term deposits will increase again but at a slower pace. Analysts estimate the dynamism up to 10 percent. While the head economist of Slovenská Sporiteľňa Juraj Barta expects the fading of the euro’s influence, Unicredit Bank analyst Ľubomír Koršňák points out that some savings will melt into cash. Either that, or some of the savers, because of anticipating the approaching end of the share market collapse, will start buying shares again. Share funds will stagnate or have only a small percentage growth. “It will take a longer time for savers to start believing in this form of investment again,” thinks Barta, although share performance will be somewhat positive. According to Barta, it’s the share funds that should benefit from the end of the recession, in the big global economies. I Pg. 60