Saturday, January 24, 2009

Global Economy Shutting Down Faster than Expected

Better consider carefully your next moves.

Downturn Accelerates As It Circles The Globe

Economies Worse Off Than Predicted Just Weeks Ago

by Anthony Faiola
Washington Post
Saturday, January 24

The world economy is deteriorating more quickly than leading economists predicted only weeks ago, with Britain yesterday becoming the latest nation to surprise analysts with the depth of its economic pain.

Britain posted its worst quarterly contraction since 1980 on the heels of sharper than expected slowdowns reported from Germany to China to South Korea. The grim data, analysts said, underscores how the burst of the biggest credit bubble in history is seeping into the real economies around the world, silencing construction cranes, bankrupting businesses and throwing millions of people out of work.

"In just the past few days, we've had a big downward revision, we're seeing that an even bigger deceleration is on the way than we thought," said Simon Johnson, former chief economist at the International Monetary Fund and a senior fellow at the Peterson Institute for International Economics.

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1 comment:

The Intellectual Redneck said...

Bill Gates throws Americans under the bus

Hard economic times are forcing job cuts at many businesses. Most Americans understand that; even if they deplore it. This economic downturn has even hit Microsoft. They are downsizing 5000 jobs. Of the 1400 they cut immediately, 873 were in the Puget Sound area where the company is headquartered. None of the cuts are going to be in India.