InfoAnda - Major world economies now in recession: OECD

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Egyptians brace for new anti-Mubarak rally | 4 February 2011
4 dead as insurgents attack in southern Thailand | 13 June 2009
Child soldiers leave Maoist camps in Nepal | 8 January 2010

News Corp seeks Myspace bids over $100 million: source | | 27 April 2011

">Forum Views () ">Forum Replies ()

Read more with google mobile : Major world economies now in recession: OECD

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Major world economies now in recession: OECD AFP - 1 hour 1 minute ago PARIS (AFP) - - Leading industrialised nations are now in recession and face a "protracted" downturn, with the US, Japanese and eurozone economies likely to shrink next year, the OECD warned on Thursday. "The upshot is that the OECD as a whole is currently in recession and will likely stay there for some time," Joergen Elmeskov, the OECD's director of economic policy studies, told a press conference. He said the Organisation for Economic Cooperation and Development, a policymaking forum for 30 industrialised countries, foresaw "a gradual recovery starting around mid-2009 and with growth eventually getting above trend in the second half of 2010." But before then, according to the OECD, the United States, the world's largest economy, would likely suffer a whopping 2.8-percent contraction in the fourth quarter of this year. The organisation called for further government stimulus measures and steps to shore up financial markets but also warned against any move that would distort competition or threaten the operation of open markets. "There is a risk in the current environment of a regulatory backlash against open and competitive markets more generally. Such a development could be very detrimental," Elmeskov said. The OECD earlier issued a one-page statement ahead of an emergency summit in Washington Saturday of 20 developed and developing nations aimed at dousing a global financial and economic firestorm. "The OECD area now appears to have entered recession," the statement said, with OECD projections pointing to "a protracted downturn." It sees the OECD countries contracting 0.3 percent in 2009, after growth of 1.4 percent this year, before rebounding to 1.5 percent in 2010. The US economy will contract 0.9 percent in 2009, Japan 0.1 percent and the eurozone 0.5 percent after posting respective gains this year of 1.4 percent, 0.5 percent and 1.1 percent. In 2010, according to the OECD, the United States should grow 1.6 percent, Japan 0.6 percent and the eurozone 1.2 percent. The OECD said the US economy shrank 0.3 percent in the third quarter this year and would contract 2.8 percent in the fourth, thereby meeting the traditional measure of recession -- two consecutive quarters of negative growth. The United States will not enjoy positive growth -- 0.6 percent -- until the third quarter of 2009, according to the OECD. The Japanese economy will also see negative growth in the final two quarters of 2008 before returning to positive territory -- 0.8 percent -- in first quarter 2009. But in the third quarter of 2009, Japan will slip back and its economy will contract 0.3 percent. In the eurozone, the economy will not begin to grow again until the third quarter of 2009, when it should expand 0.1 percent. The OECD said its analysis was based on an assumption that the "extreme" financial market distress that erupted in mid-September would be "short-lived" but "followed by an extended period of financial headwinds through late 2009, with a gradual normalisation thereafter." It said it expected a continued moderation in inflation while "against the backdrop of a deep economic downturn, additional macroeconomic stimulation is needed," suggesting that tax cuts for credit-strapped households could prove effective. The OECD said that in the United States and Japan the scope for additional interest rate cuts to spur momentum had narrowed. The US Federal Reserve has already slashed its benchmark rate to a record low 1.0 percent while the Bank of Japan last month reduced its key rate to 0.30 percent. Many OECD members in recent weeks have adopted vigorous measures to revive their struggling banks, notably through direct injections of capital and credit guarantees aimed at inducing them to start lending money again. "The need for further measures to stabilise financial markets cannot be excluded," the OECD said. It also called for "international cooperation ... to avoid measures that distort competition" and said that regulatory and supervisory frameworks would have to be "re-examined." "When addressing these issues, it will be important to focus on reforms to the global financial architecture and at the same time resist pressures for a wider rollback of open markets which would prove costly," it added. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Trucks go through the assembly line at a plant in Dearborn, Michigan in October 2008. The OECD said that leading industrialised nations appear to be in a "protracted" downturn, with the US, Japanese and eurozone economies likely to shrink next year. Most Popular – Top Stories Viewed Ancient 4,300-year-old pyramid discovered in Egypt Your favorite music = happy heart: study Britney Spears's son hospitalized: statement Germany in recession as US scraps toxic asset buy-up Oil price dives under 55 dollars per barrel in London View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Thursday, 13 November 2008
Two British soldiers killed in Afghanistan: ministry
UN to suspend food distribution in Gaza
NATO checks Ukraine progress amid Russia objections | International |
"ItzaBitza" infuses child education with videogame fun
Major world economies now in recession: OECD
U.S. slams Russian missile threats | International |
Germany in recession as US scraps toxic asset buy-up
BT profits up, to cut 10,000 jobs
Italy losing confidence in Berlusconi, poll says | International |
German economy in recession: Destatis data
Taliban urge world to block Afghan executions | International |
Israel blocks Gaza aid after rocket attacks | International |
East Congo war brings hunger to breadbasket | International |
China shares rise on optimism over stimulus plan
Verizon Wireless to sell BlackBerry Storm for $200 | Technology |
China to ensure grain self-sufficiency
Las Vegas Sands to fire up to 11,000 Macau workers
Microsoft to spend $1 bln on R&D in China | Technology |
RPT-Pakistani rate hike barely helps rupee
Japan police crackdown videos a hit online | Technology |
RPT-Pakistan receives $200 million from IDB
Sands: Up to 11,000 Macau workers to lose jobs
Taiwan dlr at 2-wk low on global recession concerns
Hang Seng index plunges over 5 percent
Indian markets closed Thursday for holiday
NBC cancels high-profile Christian Slater drama | Entertainment |
Indian inflation slips to 9 percent
Michael Moore documentary shifts to the economy | Entertainment |
Asian Development Bank to help restore Silk Route
Civilian cargo aircraft crashes in Iraq
Military: civilian cargo aircraft crashes in Iraq
Civilian cargo plane crashes in Iraq, 7 killed | International |
Gaza City blacked out after rocket attacks
Microsoft Live gets social in website make-over
Aid workers to relocate Congo frontline refugees | International |
Queen throws 60th birthday bash for Prince Charles
New website asks users to set tech priorities for Obama
Britain resists Afghan call for more troops
Weather good for Friday shuttle launch: NASA
Microsoft plans to invest one billion dollars in China R&D
UK may send 2,000 more troops to Afghanistan: BBC | International |
Jordan queen gets YouTube award for fighting stereotypes
Wall Street in sharp rebound as market bounces off lows
AFP and SKorean partner launch 'news community' website
U.S. hoping for missile defense talks in Moscow | International |
Russia reaches out to Europe on crisis
Iran accuses Israel of abusing U.N. interfaith meeting | International |
From afar, the first optical photos of an exoplanet
Obama sets strict standards for plum jobs
U.S. studies another path for Georgia to join NATO | International |
Knickers and kisses just a pizza the action on World Records Day
Iraqis measure progress with flip of switch | International |
Bush: Government not crisis 'cure-all'
Researchers urge Obama to set up Guantanamo review
El Salvador's softened rebels see chance of power | International |
Bush: government not 'cure-all' for economic woes
US defence secretary blasts Russia's missile threat
Nintendo says sold over 800,000 Wii in U.S. in Oct | Technology |
Love handles increase death risk: study
Japan to offer up to $100B for IMF bailout fund
S.Korea says may help banks boost capital ratios
Coal plant permit blocked
Bush: IMF, World Bank must change
Video game makers predict jingle bells at registers | Technology |
NZ stocks open 1.2 percent higher on Wall St. surge
UN: Brown clouds over Asia worsen global warming
IMF 'waiting' for details from Japan on crisis funding
Pakistan official: IMF will give $5 billion
India to push for more say at G20 summit
India inflation falls to single digits, rate cuts seen
CORRECTED: Sandra Bullock stalker gets 3 years probation | Entertainment |
Japan's Mizuho posts loss, plans to raise funds
11,000 face sack in Macau as Sands struggles for cash
Michael Jackson hands over title to Neverland Ranch | Entertainment |
Baker Hughes sees Saudi rig cut, region strong
China agrees to loosen controls on news providers
One More Time for troubled diva Britney Spears? | Entertainment |
Rouble to weaken if oil falls to $35/bbl-Kremlin aide
Just A Minute With: David Archuleta on life after Idol | Entertainment |
Oil price drop may mean lower heating costs
Robert Redford pushes role for art in social change | Entertainment |
Actress follows in dad's footsteps onto SNL | Entertainment |
Hollywood holding breath on holiday DVD sales | Entertainment |
Britain resists Afghan call for more troops
Korea ties may be heading to disaster: ex-president | International |
Wii and DS top videogame system sales in US in October
Qaeda stung by U.S. pressure in Pakistan: CIA chief | International |
G20 seeks team response to global financial crisis
U.S. missile attack kills at least 12 in Pakistan | International |
Britain's Prince Charles turns 60
Russia and Europe move closer on finance reform
Israel wounds two Gaza gunmen after rockets fired | International |
Bin Laden is isolated, focused on his own security: CIA
Bin Laden is isolated, Qaeda resilient: CIA chief
Four students die in jump from burning Shanghai dorm | International |
US military deaths in Iraq war at 4,196
China says its economic fundamentals are good
Navy base could have caused Qantas jet plunge | International |
Utah coal plant permit blocked by EPA panel
Philippine stock index climbs 3 percent
S.Korea won at 2-wk closing low, off 5 pct on week
Haiti celebrates hero in tragic school collapse | International |
Seoul shares end flat, pare early gains
Video games sales up 18 percent in October | Technology |
Pakistan counts on IMF, World Bank, China loans
Foreign investors sell off Philippine stocks: central bank
Korea Hot Stocks- Hana Financial, Daewoo Shipbuilding
GM Daewoo to shut down for two weeks amid sales slump
Official: China trying to prevent 'sharp downturn'
Angelina Jolie plans fade away from Hollywood | Entertainment |
NZ dollar gives up gains as risk aversion returns
Twilight film franchise looks ahead | Entertainment |
One More Time for Britney Spears? | Entertainment |
60 Minutes lands Obama interview | Entertainment |
Colombian singer Juanes sweeps Latin Grammy awards | Entertainment |
Economic turmoil takes its toll on Hollywood | Entertainment |
Designer Anand Jon guilty of rapes, sex assaults | Entertainment |
Fox News' Bill O'Reilly loved, loathed in survey | Entertainment |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01