Global economy likely to shrink in ‘09, with deep job losses; IMF backs stimulus spendingWASHINGTON — The global economy is expected to lurch into reverse this year for the first time since World War II, with real-world consequences worldwide — trillions of dollars in lost business, surging unemployment and more people thrust into poverty, hunger and homelessness. Global economy likely to shrink 1.3 percent this year, IMF says; first drop in 60 yearsWASHINGTON — The world economy is likely to shrink this year for the first time in six decades. A look at economic developments and activity in stock markets around the world Wednesday
ILO says prolonged labor recession, social crisis, looms in Asia amid grim employment figuresMANILA, Philippines — Asia faces the risk of a prolonged labor market recession and social crisis that could take much longer to shake off than the current economic downturn, the International Labor Organization said Wednesday. UK Treasury chief to present recession budget with narrowing room for maneuverLONDON — British Treasury chief Alistair Darling will present the government’s budget on Wednesday, with his options constricted after pumping billions into stabilizing a foundering economy. Spam, Kool-Aid, other staples in limelight as companies raise ad spending on low-price itemsNEW YORK — The frill is gone. Minister says Kazakhstan faces recession unless economic stimulus package is sped throughALMATY, Kazakhstan — Kazakhstan’s once-booming economy will slip into recession unless the government speeds through a multibillion dollar stimulus package, the country’s economy minister warned Tuesday. Japan to submit record supplementary budget for $154 billion stimulus packageTOKYO — Japan will submit a record extra budget to finance its massive stimulus package aimed at lifting the world’s second-largest economy out of the deepest recession since World War II, officials said Tuesday. Australia is in recession but long-term prospects remain good, central bank chief saysSYDNEY — Australia has followed the rest of the world into a recession, the central bank chief said Tuesday. |
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