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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: World economy gets reality check after G20 summit AFP - Saturday, April 4 WASHINGTON (AFP) - - The ailing world economy pumped out more gloomy data on Friday, tempering general optimism after a G20 summit of world leaders agreed major funding to boost trade and rescue embattled economies. ADVERTISEMENT The US unemployment rate leapt to a 25-year high of 8.5 percent in March as employers shed a slightly higher-than-expected 663,000 jobs, weighing down stock markets and reminding investors that the crisis is not over by a long way. The outlook was dismal in Europe too, where the Spanish central bank forecast an unemployment rate of 19.4 percent next year and Ireland expected its recession-hit economy to shrink by about 7.0 percent in 2009. There was a note of optimism however as the Purchasing Managers' Index in the eurozone improved. The PMI level rose to 38.3 points from 36.2 points in February -- still below a 50-point threshold that indicates contraction. The upward revision of the index "marginally boosts hopes that the rate of contraction could be starting to moderate," said Howard Archer, chief European economist at IHS Global Insight, an economic research consultancy. There was also data from China indicating manufacturing activity expanded in March for the first time in six months, pointing towards a "stabilising" economy following massive stimulus measures by Beijing. The official Purchasing Managers' Index for China's manufacturing sector rose to 52.4 in March from 49 in February, the China Federation of Logistics and Purchasing said in data released late Thursday. "The PMI not only shows the government economic stimulus package has begun to take obvious effect but also indicates a stabilising and warming economy," National Statistics Bureau director Ma Jiantang said. Global stock markets were mixed, with Tokyo closing up 0.34 percent while Shanghai fell 0.23 percent. In Europe, London's FTSE 100 index was down 1.14 percent in afternoon trading while Frankfurt inched up 0.26 percent. On Wall Street, the Dow Jones Industrial Average opened down 0.08 percent. The G20 talks in London on Thursday culminated in a 1.1-trillion-dollar (821-billion-euro) injection into major multilateral institutions such as the IMF to help battle the spreading global recession. US President Barack Obama hailed the moves as a "turning point" for the world economy but warned this did not guarantee swift recovery. British Prime Minister Gordon Brown said the talks ushered in a "new world order." The outcome was generally well received by world media but there was a note of caution in some newspapers. "Some useful progress but still a way to go," said an editorial in the Financial Times business daily published on Friday. IHS Global Insight economist Jan Randolph said the G20 agreement failed to address the issue of purging the financial system of the toxic or high-risk assets that lie at the heart of the credit crunch. "The weakest point of the deal is a lack of detail of how to deal with the urgent issue of cleansing banks of toxic assets, a problem that continues to choke the financial system and hamper credit flows," Randolph said. "Without fixing the banks, a sustainable economic recovery is not possible." Julia Jessop from Capital Economics, an economic research group, said: "The summit has failed to break any new ground on a global fiscal stimulus." The scale of the economic challenge ahead was brought further into focus on Friday when the now state-owned Royal Bank of Scotland said it expected to shed more jobs worldwide after already axing 2,700 in Britain this year. Royal Bank of Scotland posted a loss of more than 24 billion pounds (35 billion dollars, 27 billion euros) in 2008 -- a record in British corporate history -- and is now 70-percent owned by the government after a huge bailout. In the United States, ailing auto giant General Motors said it was "prepared" for bankruptcy proceedings after the US government said it would not provide further state aid unless it came up with a viable recovery plan. General Motors, which employs about 243,000 people worldwide, has said it plans to cut 47,000 jobs this year. The company received 13.4 billion dollars in emergency government loans in December amid a slump in demand for cars. Email Story IM Story Printable View Blog This Recommend this article 1 user recommend Sign in to recommend this article » Most Recommended Stories » Enlarge Photo US President Barack Obama has hailed the Group of 20 summit as an even that would come to be seen as a "turning point" in the fight against the global economic crisis. Duration: 01:58 Most Popular – Top Stories Viewed Guantanamo 'soooo beautiful!' Miss Universe says Global warming leaving its mark on polar bears Journalists get shock with 'sexy' White House call RBS to axe more jobs worldwide Marijuana helps in battle against cancer: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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