Global Financial Crisis – International

The economic crisis also had an impact on employment and working conditions in public administration. A new ILO report prepared for the November 2010 session of its Governing Body recommends that governments engage in social dialogue when seeking measures to counter the downturn.

HONG KONG (Reuters) – Emerging economies will need capital controls to manage flows of “hot money” and ensure economic stability in the wake of the United States’ ultra-easy monetary policy, Nobel Prize-winning economist Joseph Stiglitz said on Thursday.

EMPLOYMENT in various economies, including the Philippines, recovered unevenly across sectors in the first half, and is expected to continue doing so till yearend, the Geneva-based International Labour Organization (ILO) said in a report released yesterday.

The six major Association of Southeast Asian Nations (Asean) countries have rebounded from the global economic crisis with average expected growth of 7.3 percent this year, and 6 percent over the next five years, the Organization for Economic Cooperation and Development (OECD) said on Tuesday. Vietnam is expected to post the highest average growth rate…

TOKYO, Japan—The six major Asean countries have rebounded from the global economic crisis with average expected growth of 7.3 percent this year, and six percent over the next five years, the OECD said Tuesday.

MANILA, Philippines – A slow growth in remittance flows and export of Filipino workers overseas are expected to occur as the United States economy remains wanting in signs of a recovery on lackluster jobs data.

WASHINGTON—US companies are hoarding nearly one trillion dollars of cash that they are unlikely to use for expansion amid a muddled outlook on economic recovery, rating agency Moody’s said Wednesday.

The International Labour Office (ILO) and the World Bank have jointly organized a conference on “Trade and Employment Post-Crisis: Global Shocks, Structural Changes and Policy Responses” on October 25. Held in the lead up to the G20 Summit in Seoul on 11-12 November, the conference discussed the role of open markets in supporting growth and…

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Prepared by John Kiff, Allison Holland, Michael Kisser, Sylwia Nowak,Samer Saab, Liliana Schumacher, Han van der Hoorn, and Ann-Margret Westin Key Points · Sovereign credit ratings have inadvertently contributed to financial instability. This is because ratings are embedded in various rules, regulations and triggers, so that downgrades can lead to destabilizing knock-on and spillover effects…

WASHINGTON (AP) — There’s no relief from the jobs crisis — for everyday Americans or lawmakers facing the midterm elections. The most rampant layoffs of teachers and other local government workers in nearly three decades more than offset weak hiring in the private sector in September, resulting in a net loss of 95,000 jobs. Unemployment…

WASHINGTON (AFP) – Rich and emerging economies must dramatically change the way they trade with each other or risk throttling the global economic recovery, the International Monetary Fund warned on Wednesday.

WASHINGTON (Xinhua) – The financial rescue program launched two years ago has played a critical role in rebuilding confidence of the financial sector, the U.S. Treasury Department said on Tuesday.

Brussels, 5 October 2010 (ITUC OnLine): Concerned by the faltering pace of global economic recovery, which has yet to produce a real recovery for millions of workers and unemployed men and women, the ITUC and its Global Unions partners have called upon the 2010 Annual Meetings of the World Bank and the IMF to reject…

THE International Monetary Fund (IMF) said credit rating agencies and their rating methodologies may have inadvertently contributed to financial instability. In a report, the IMF said credit ratings influenced market prices, and that downgrades through the investment-grade barrier trigger market reactions, which were seen in the wake of the sharp downgrades of structured finance products…

GENEVA (ILO News) – A new report by the research arm of the International Labour Organization (ILO) says a long “labour market recession” is worsening the social outlook in many countries.

WASHINGTON DC, United States—Key US officials indicated Tuesday that development aid from Washington may decline in the coming years due to a difficult economy and constraints on the US budget.

WASHINGTON (AFP) – The US economy exited recession in June 2009, the National Bureau of Economic Research said Monday, making it official that the downturn was the longest in more than half a century.

9/9/2010 – The world economic recovery may be slowing faster than previously anticipated, according the OECD’s latest Interim Economic Assessment. Growth in the Group of Seven countries is expected to be around  1½ per cent on an annualized basis in the second half of 2010 compared with the previous estimate of around 2½ per cent…

14 September 2010 – Premature withdrawal of macroeconomic stimulus measures in developed countries in the face of budget deficits may trigger a deflationary spiral in the global economy, with attendant slumps in growth and employment, a major United Nations trade agency warned today.

WASHINGTON (AFP) – Economists peddling dire warnings that the world’s number one economy is on the brink of collapse, amid high rates of unemployment and a spiraling public deficit, are flourishing here.

The global economy faces increased risk to its recovery as growth slows in the US and China, and Japan battles the yen’s appreciation, South Korean Finance Minister Yoon Jeung Hyun said.

GWANGJU, South Korea (Reuters) – The world economy is recovering moderately but still faces challenges such as the need for medium-term fiscal consolidation, the IMF’s First Managing Director, John Lipsky, said on Sunday.

Paris. With momentum sputtering in many countries, economists fear the industrialized world is facing a period of slow growth and high unemployment similar to the “lost decade” endured by Japan in the 1990s.

John Lipsky, the second-ranking official at the International Monetary Fund (IMF), said Group of 20 nations deputies showed confidence about the global economic recovery, even taking into account challenges and risks.

Employment effects of the recent global economic crisis have differed significantly across countries. An active public debate currently focuses on external shocks and the role of labor market policies as a driver of those differences. In this note, we analyze the roles of integration into the global economy and different labor market institutions during different…

LONDON (AP) – World stock markets fell further Wednesday as another batch of disappointing U.S. economic data reinforced fears about the strenth of the global economic recovery.

SAYS ACTIVISTS FROM ASIA, EUROPE MANILA, Philippines—As trillions of dollars in stimulus packages are running out and as governments deliberate on new ones to stave off the inevitable collapse of the world economy, social movements belonging to the Asia-Europe Peoples’ Forum (AEPF) urge decision-makers to re-think their assumptions and actions.

WASHINGTON, D.C.: The number of Americans filing new weekly claims for jobless benefits jumped unexpectedly to 500,000, the highest level in nine months, the government said Thursday, threatening recovery hopes. The soaring number “compels us to act,” President Barack Obama said, demanding lawmakers pass a stalled bill that will end taxes on key investments in…

WASHINGTON (AFP) – – The number of Americans filing new claims for jobless benefits jumped unexpectedly last week to the highest level in six months, the government said Thursday, adding to US recovery concerns.