For anyone interested in economics, these are interesting and unusual times.

The UK economy remains very weak, judging by the barely perceptible growth rate in the fourth quarter of 2009.

In the US, growth seems much stronger, but one US economic expert has referred to a ‘statistical recovery, but a human recession’; the numbers may look better, but many people are still out of work.

Against this, CoreData Research recently attended a Boston/London video conference with one US fund manager which was surprisingly bullish in its tone. The gist of the message was that the US economy’s essential dynamism means that it tends to come back strongly following any recession and the initial signs are that this is happening.

However, at a recent European economic event the discussion was more concerned about the difficulties of timing the withdrawal of the stimulus and successfully co-ordinating the monetary and fiscal policy levers.

If interest rates are raised too soon, the chances of a double dip recession grow. But not acting quickly enough could also cause problems, with inflation cited as a key danger by some.

Deciding when to change tack may not be a purely economic decision. In the US, the current administration’s room for manoeuvre is limited by political opposition and the impending mid-term elections.

In the UK, politics could also throw a spanner into the works, if the general election in May this year produces a hung parliament or wafer-thin majority.

In principle, the necessity of spending cuts is widely agreed; in practice a minority government depending on alliances, or one with a narrow majority, may find it hard to take tough, unpopular measures.

Politics also looms large in Europe. Greece’s budget deficit is now testing the stability of the Eurozone, as without the option of currency devaluation, countries such as Greece need severe cutbacks in public spending in order to restore their finances.

Here Ireland has shown what is possible, with real cuts in public sector pay and benefits. One issue is the extent that social cohesion allows such tough measures. In other words, how far can the economic medicine go before the populace revolts?

In some countries, such as Ireland, people tend to emigrate when times are tough, while in other countries, people take to the streets and try to bring down the government.

The likeliest solution for Greece may well be some form of assistance from the stronger Euro economies, given no-one wants to be seen to be breaking the Eurozone up. But the Greek government will also be pushed to do what it can to reduce its budget deficit.

Resolving a series of difficult economic situations will frequently come down to politics, and the politicians will often only be able to act in ways which their electorates allow them to.

But to what extent this will deliver better future conditions for growth and jobs remains to be seen.

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