world economy

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President Trump Would Be a Top Global Risk: Economist

GOP front-runner's presidency one of 10 worst things that could happen

(Newser) - The Economist Intelligence Unit has released what it believes to be the top 10 global risks , including the UK possibly ditching the EU, Russia's presence in Ukraine and Syria heralding a new "cold war," and … President Trump? That scenario made the analysis group's forecasting list... More »

China Growth Slumps to 20-Year Low

Slowdown sends ripples through world economy

(Newser) - After two decades of growing at an astonishing rate, China's economic growth has cooled off enough to cause problems in plenty of other economies. Figures released today show the economy grew 7.5% in the first quarter of this year, a rate many countries can only dream of but... More »

S&P Downgrades France, Italy, 7 Others

Paris and Austria lose AAA status

(Newser) - Standard & Poor's has downgraded the government debt of France, Austria, Italy, and Spain by one notch, but maintained Germany's at the coveted 'AAA' level. The cuts, which eliminated France and Austria's triple-A status, deal a heavy blow to the currency union's ability to fight... More »

Brazil Ousts UK as World's No. 6 Economy

Part of Europe's waning influence

(Newser) - London had better hear Brazil calling: The South American powerhouse has overtaken the United Kingdom as the world's No. 6 economic power, reports the BBC . The shift is hardly shocking, given Brazil's hefty 7.5% economic growth last year, and represents an overall slide back for traditional economic... More »

Uh-oh: China's Economy Is on the Brink, Too

Beijing fighting its own real estate bubble: Paul Krugman

(Newser) - Paul Krugman hopes he's being "needlessly alarmist," but most signs out of China point to an economy poised to crater, he writes in the New York Times . The main cause will sound familiar: a real estate bubble fueled by soaring prices, inflated credit, and a "shadow... More »

Greece Leader Survives Crucial Vote

Papandreou win clears way for austerity plan to appease creditors

(Newser) - Greek Prime Minister George Papandreou has survived a confidence vote in parliament, winning a gamble on his government's survival and the danger of a devastating debt default that could spark a financial maelstrom around the world. Papandreou won 155 votes to 143, with two abstentions in the 300-member legislature. More »

Bailout of Ireland Looks Likely

EU fears a delay will bring another Greece-like crisis

(Newser) - Ireland is under heavy pressure to take a bailout before its financial troubles spread to other members of the European Union, reports the Wall Street Journal . Dublin is balking because of the handcuffs and political embarrassment that would come with it, but EU authorities don't want to a repeat of... More »

China Passes Japan as No. 2 (or Will Soon)

Not everyone agrees on economic milestone

(Newser) - The US is the world's No. 1 economy, but who's No. 2? It depends who you ask. In the English-language version of the People's Daily Online , China declares that its newly revised GDP puts it in second place over Japan. But a slew of other observers, including the Wall Street ... More »

'Debt Bomb' Nations Could Follow Dubai Into Crisis

Investors fear emirate is canary in coal mine

(Newser) - Dubai's financial implosion could be the beginning of a fresh financial crisis as investors lose faith in the ability of heavily indebted countries to pay their bills. Analysts warn that in the worst-case scenario, the Dubai crisis could lead to mass defaults in emerging markets and even in heavily leveraged... More »

Pittsburgh Braces for Big March After 66 Arrests

G20 protesters will take to the streets—legally

(Newser) - Pittsburgh police are preparing for a big afternoon march today after arresting 66 people yesterday. One big difference: Today's march to protest the G-20 summit is sanctioned, and organizers are requiring demonstrators to pledge to behave. Yesterday and last night, a group of self-described anarchists tried to march downtown before... More »

Bruni to G8: Don't Let Recession Kill AIDS Funding

We've made progress—now don't let economy destroy it

(Newser) - Carla Bruni-Sarkozy gets in the op-ed game today, urging G8 leaders who are converging on L’Aquila, Italy, to continue the commitment their predecessors made 8 years ago to fighting HIV/AIDS in Africa. The earlier initiative helped the Global Fund to Fight Aids, Tuberculosis and Malaria save some 4 million... More »

Obama to Host G20 in Pittsburgh

Former steel capital showcases economic recovery: White House

(Newser) - The Obama administration has picked Pittsburgh to host September’s G20 summit, where leaders representing 85% of the world’s economy will measure progress since the last meeting and discuss further action to curb the global crisis, the Post-Gazette reports. Hit hard by the steel industry’s decline, the revitalized... More »

IMF: Blame Europe for Longer Recession

EU policy blunders likely to result in longer slowdown for rest of world

(Newser) - The European economy will sink deepest out of all global economies, bounce back slowest—and delay recovery for the rest of the world to boot, according to the IMF's latest forecast. The agency predicts the EU's economy—at $18 trillion, nearly a third of the world's total—will shrink 4%... More »

India's Salvation May Lie With Poor

Rural growth picking up slack as industrial sector cools

(Newser) - The new, high-tech India enjoyed a long boom, but the nation's path out of the global slowdown may lie with the legions of poor in old, rural India, the Wall Street Journal reports. The 700 million people who live in India's hinterland are still among the poorest people on the... More »

Sarkozy: World Growth Must Come First

French prez urges G20 to work for better kind of capitalism

(Newser) - Today's G20 talks must focus on restarting global growth through a better-regulated form of capitalism, Nicolas Sarkozy writes in the Washington Post. The international financial system needs urgent restructuring, writes the French president, and confidence cannot be effectively restored unless reforms are carried out with a greater sense of morality... More »

Russia, China Blame US for World's Mess

(Newser) - The leaders of Russia and China laid the blame for the world's financial troubles squarely at the feet of the US today, the Wall Street Journal reports. In speeches at the world economic forum in Davos, both focused on the role of the dollar, with Putin calling the world's over-reliance... More »

Female Perspective Sorely Lacking at Davos

Gender equality slow to scale the Alps forum—and everyone's the worse for it

(Newser) - Women may be the ticket out of the global recession, but World Economic Forum leaders wouldn’t know it. The predominantly male organizers have invited few women—5% of announced attendees—to the exclusive Davos forum, a misstep for a meeting billed “Shaping the Post-Crisis World,” Morice Mendoza... More »

Worldwide Downturn Speeds Up Alarmingly

Analysts don't expect recovery in 2009

(Newser) - The global economy is in a faster decline than economists predicted only weeks ago, as the bursting of the biggest-ever real-estate bubble hits real economies in Europe and Asia, killing millions of jobs and shutting businesses, the Washington Post reports. Britain just posted its biggest quarterly slump since 1980, while... More »

Poll: 72% of World Cutting Spending

Economic malaise spreads to emerging markets, hits hard

(Newser) - Nearly three-quarters of households worldwide are cutting spending, with emerging markets particularly fretful about global economic woes, a 22-country survey found. Those countries are facing “precipitous decline," putting “in check any notion of 'decoupling’”—the idea that emerging markets are working independently of those of... More »

Collapsing Nations Threaten to Be Obama's First Crisis

Imploding world economies would demand tough foreign policy choices

(Newser) - Barack Obama's first major foreign policy crisis threatens to be no less that the complete collapse of a large and unstable nation, Marc Ambinder writes in the Atlantic. The transition team has so far been silent—in public, anyway—on the prospect, but there are indications they are convinced the... More »

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