IMF: Mideast, North Africa better poised to cope with global recession

DUBAI, United Arab Emirates — Economic growth in the Middle East and Central Asia could slow by more than half this year, but the region should still fare better than most others thanks to government intervention and stockpiles of oil wealth, the International Monetary Fund said Sunday.

EU revises forecasts down; predicts deep, wide recession as Germany takes global trade hit

BRUSSELS — Deepening the economic gloom in Europe, the European Union admitted Monday that its previous forecasts were way off the mark. It now predicts “a deep and widespread recession” across the continent and says unemployment among the 16 nations that use the euro will rise to a postwar record of 11.5 percent in 2010.

Euro-zone jobless to hit postwar record; economy to shrink 4 pct in 2009, Germany even more

BRUSSELS — Deepening the economic gloom in Europe, the European Union admitted Monday that its previous forecasts were way off the mark. It now predicts “a deep and widespread recession” across the continent and says unemployment among nations using the euro currency will rise to a postwar record of 11.5 percent in 2010.

EU predicts European Union and euro-zone to shrink by 4 percent this year

BRUSSELS — Europe is suffering “a deep and widespread recession,” the EU said Monday, estimating that unemployment will rise sharply over the next two years and that EU economies will shrink twice as much as it predicted only a few months ago.

German government forecasts economy will shrink 6 percent this year, grow in 2010

BERLIN — The German government forecast Wednesday that the country’s economy — Europe’s biggest — will shrink by a huge 6 percent this year but return to modest growth in 2010.

Consumer confidence soars in April, but are people ready to start spending?

NEW YORK — Consumer confidence zoomed past economists’ forecasts in April to its highest level since November, reflecting a growing sense that the economy may have bottomed out and Americans might be prepared to spend more money.

Stocks open higher as Ford results top view; investors await details on bank ’stress tests’

NEW YORK — Stocks are higher after Ford Motor Co.’s better-than-expected results for the first quarter are fanning hopes for the overall economy.

Global economy likely to shrink 1.3 percent this year, IMF says; first drop in 60 years

WASHINGTON — 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

A look at economic developments and activity in major stock markets around the world Friday:

European, US stock markets gain as traders focus on upbeat earnings after Morgan Stanley upset

LONDON — European and U.S. stock markets rose Wednesday after investors put aside worries about investment bank Morgan Stanley’s wider-than-expected loss for the first quarter and responded to better earnings news from companies including Boeing Co. and Yahoo Inc.

Germany’s economy minister says no need for new stimulus package

BERLIN — Germany’s economy minister said Wednesday there is wide agreement that the country needs no new stimulus package now, even as forecasts for this year’s economic outlook darken.

European, US stock markets slide as Morgan Stanley results fall short of expectations

LONDON — European and U.S. stock markets dropped Wednesday after investment bank Morgan Stanley reported a wider-than-expected loss for the first quarter and reduced its dividend.

IMF: Asia could see ‘modest recovery’ in 2010, boosted by stronger export demand, stimulus

BEIJING — Asian economies could see a modest recovery next year, boosted by stronger export demand and stimulus spending, the International Monetary Fund said Wednesday.

Global economy likely to shrink 1.3 percent this year, IMF says; first drop in 60 years

WASHINGTON — The world economy is likely to shrink this year for the first time in six decades.

UK Treasury chief to present recession budget with narrowing room for maneuver

LONDON — 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.

India central bank cuts interest rates, growth forecast as global crisis takes bigger toll

MUMBAI, India — India’s central bank cut key interest rates Tuesday and downgraded its growth forecast as the global financial crisis takes a bigger-than-expected toll on Asia’s third-largest economy.