global economy

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G-20 Pledges to Keep Stimulus Flowing

(Newser) - Top finance officials from rich and developing countries today pledged to maintain stimulus measures to boost the global economy, warning that the fledging recovery that provided the backdrop to their meeting is by no means assured. Group of 20 finance ministers also promised a crackdown on bankers' pay—but stopped...

Manufacturing Drives Global Recovery

US production grows for first time since Jan. '08

(Newser) - The world may be manufacturing its way out of the global recession, with new figures showing a faster-than-expected recovery from the US to Europe and Asia. The Wall Street Journal reports that American factory output is growing for the first time since January 2008, while separate surveys showed expanded manufacturing...

Recession Soon Over, but Here Comes Another
Recession Soon Over, but Here Comes Another
OPINION
Aug 24, 2009 7:02 AM CDT

Recession Soon Over, but Here Comes Another

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...

Bankers Saved the World: Bernanke

(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...

New Kids Scrap Aussie Tour, Blaming Recession

(Newser) - The New Kids on the Block have canceled a planned tour of Australia because of weak ticket sales amid the recession, Reuters reports. “We are, in fact, in the middle of a worldwide recession and we just cannot make it work,” said Donnie Wahlberg. He said the group...

Economic Crisis Hits Al Qaeda, Too
Economic
Crisis Hits
Al Qaeda, Too
Jun 12, 2009 2:29 PM CDT

Economic Crisis Hits Al Qaeda, Too

Terrorist activities must wait as fundraising falters

(Newser) - Al Qaeda operations are struggling due to a lack of capital brought on in part by the global economic downturn, the New York Post reports. “In Afghanistan, we have a severe supply deficit,” the group said in a plea for donations. “Mujahideen sit and wait and cannot...

Brown's Woes Offers Obama Reality Check
Brown's Woes Offers Obama Reality Check
OPINION
Jun 8, 2009 8:50 AM CDT

Brown's Woes Offers Obama Reality Check

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,...

Merkel Rips the Fed for Deepening Crisis

German chancellor says central banks have made economy worse

(Newser) - World leaders rarely criticize central banks in public, but yesterday Angela Merkel laid into the Fed, the European Central Bank, and other institutions for deepening the global economic crisis. In a tough speech, the German chancellor claimed that the banks were too powerful, had acted too aggressively, and, in the...

Only Trade Can Rescue World Economy: Brown
Only Trade Can Rescue World Economy: Brown
OPINION
May 28, 2009 8:35 AM CDT

Only Trade Can Rescue World Economy: Brown

'A banking crisis has become a trade crisis,' writes British PM

(Newser) - The banking crisis has stabilized, according to Gordon Brown, but a new calamity has replaced it: "a trade crisis" that is killing jobs in industrialized nations and exacerbating poverty in developing ones. Globalization has compounded the downturn, but it can also accelerate the pickup, the British PM writes in...

US Trading Partners See Huge GDP Falls

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...

German Economy Dives 3.8%
 German Economy Dives 3.8% 

May 15, 2009 7:28 AM CDT

German Economy Dives 3.8%

Quarterly fall in GDP is worst in over 40 years

(Newser) - The German economy has suffered its worst decline in more than 40 years, with GDP shrinking by 3.8% in the first quarter of 2009. The fall is the most severe on record and worse than economists had predicted, reports the Guardian. News of the contraction in Europe's largest nation...

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%...

IMF Sees Global Economy Shrinking

(Newser) - The world economy is likely to shrink this year for the first time in 6 decades, says the International Monetary Fund in projecting a 1.3% drop in a dour forecast today. That could leave at least 10 million more people around the world jobless, some private economists said. "...

Spanish Price Collapse Could Signal New Global Woes

'It’s like the front line of a new virus outbreak'

(Newser) - Spain has suffered a major blow from the global economic crisis, with sky-high unemployment that could soon reach 20%, and merchants across the country are taking a drastic step: slashing retail prices. While lower costs in shops and restaurants might sound appealing, it's actually very bad news—the first sign...

Religious Tourists Still Flocking to Italy

Easter likely to see 100,000 in St. Peter's Square

(Newser) - While industries around the world feel the weight of recession, Italy’s religious tourism appears fairly immune, USA Today reports. “It's one of the only areas where things haven't slowed down much," said a religious tour marketer. "Religious pilgrims still want to have the same experiences”—...

Pentagon Game Simulates Global Economic Warfare

The exercise showed China to be the savviest economic operator

(Newser) - Last month, the Pentagon hosted a new kind of war game, focused not on a “shooting war,” but on how hostile states might damage the US economy, Politico reports. Instead of decorated military brass calling the shots, shirt-sleeved hedge fund managers, academics, and executives played out scenarios shifting...

As Capitalism Crumbles, Chinese Embrace Mao, Marx

(Newser) - The woes of international capitalism are fueling renewed interest in the ur-texts of Chinese Communism, MSNBC reports. Sales of Karl Marx’s Das Kapital and Mao’s “little red book” are skyrocketing in China, where the publisher of Kapital has seen a fivefold increase in sales since late last...

Economic Crisis Triggers Global Crime Wave
Economic Crisis Triggers Global Crime Wave
ANALYSIS
Apr 7, 2009 8:35 AM CDT

Economic Crisis Triggers Global Crime Wave

Crisis gives globalized crime gangs opportunity to flourish

(Newser) - The global economic crisis has been a massive stimulus package for violent crime worldwide, Michael Klare writes in Salon. Crime syndicates are finding it easy to recruit from the growing ranks of the unemployed and desperate, the professor writes, and their increasing power is weakening the governments of "narco-states"...

Is the US Dollar All Spent?
 Is the US Dollar 
 All Spent? 
analysis
Apr 6, 2009 6:35 PM CDT

Is the US Dollar All Spent?

(Newser) - Sick of relying on the US dollar, critics around the world want it replaced as Earth's top currency, Michael Schuman writes in Time. A panel of UN economists and a top banker in China have called for a new unit—like the IMF's Special Drawing Units—to stabilize the global...

Surprise: G20 Had More Substance Than Hot Air
Surprise: G20 Had More Substance Than Hot Air
ANALYSIS
Apr 3, 2009 7:08 AM CDT

Surprise: G20 Had More Substance Than Hot Air

(Newser) - Unlike most economic summits, the G20 talks have delivered more than just a promise to talk some more in the future, Steven Pearlstein writes in the Washington Post. The meeting may not have been the turning point declared by President Obama, but the market-boosting measures agreed upon represent a more...

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