Plunging Exports Roil Asia

World economy is growing, but recovery will be slow

(NEWSER) - The global recession is over, the International Monetary Fund said today, revising its economic forecasts in response to Asian growth and more than $2 trillion in stimulus packages worldwide. The IMF now says the world economy is growing and will expand by 3.1% in 2010, with China growing at a 9% clip and the US at 1.5%. Nevertheless, the institution warned that growth will be "sluggish, credit-constrained and, for quite some time, jobless." More»

Roubini: Unwinding rescue could produce 'W-shaped' recovery

(NEWSER) - The global recession is nearly over, but the recovery is far from certain, writes NYU professor and professional pessimist Nouriel Roubini in a Financial Times op-ed. The economist who predicted the financial crisis chides colleagues who foresee a V-shaped recovery, with a quick return to growth. Rather, the recovery will be either U-shaped, with growth "anemic and below trend for at least a couple of years," or even W-shaped, with a second, smaller recession still to come. More»

(NEWSER) - Ben Bernanke patted himself on the back today for helping to save the world from a complete economic meltdown, MarketWatch reports. Facing public outrage and the prospect of President Obama dumping him in 6 months, the Fed chair said at a retreat in Wyoming that the world’s central banks “responded with speed and force" to "a rapidly deteriorating and dangerous situation." More»

Voters don't reward economic competence after crisis: Krugman

(NEWSER) - The Bush administration has taken much of the blame for the American recession, but a "huge housing bubble and a financial crisis" were always on the cards, as Paul Krugman writes for the New York Times. Writing from London, where voters gave Gordon Brown a pummeling in Thursday's elections, Krugman observes that Britain shows what might have happened if the 2000 presidential election had gone the other way. More»

Mexico contracts 21.5% as American demand dries up

(NEWSER) - Yesterday Mexico became the latest country to disclose a sharp economic contraction as a result of the slowdown in US consumption of imported goods. Mexican GDP fell at an annualized rate of 21.5% in the first quarter, following Germany, down 14.4%, and Japan, 15.2%—its worst performance since 1955. As the Wall Street Journal reports, declining US demand is taking severe effects on exporting nations. More»