The markets' global plunge yesterday was testament to a new, scary fact, writes the Washington Post: the world economic crisis is getting even worse. New figures show the economies of Japan, Britain and Germany contracting at their fastest in decades, while emerging markets like Russia and Brazil are tanking, and unemployment in the US and even China is hitting worrying highs. For economists, the global character of the crisis makes recovery particularly difficult.
"If you go back six months or so, there was a hope that some parts of the world will escape the downturn from the US economy," said one economist in London. "That hope has now faded. We're seeing a downturn in virtually every area of the world."