Global Financial Crisis – International

PARIS: China, Asia and the United States are pulling the world out of an economic vortex with surprising if “modest” speed, the Organization for Economic Cooperation and Development (OECD) declared on Thursday.

The Organisation for Economic Co-operation and Development (OECD) says growth and recovery are expected in 2010 in just about all world regions.

The Apec summit, now starting in Singapore, brings together leaders from dozens of nations and major world powers. As the BBC’s South East Asia correspondent Rachel Harvey has been finding out, behind all the economic talk lies a deeper search for meaning.

Singapore: Asia-Pacific leaders including the US and Chinese presidents Sunday pledged to reject trade protectionism and pursue a new strategy for growth after the world’s worst economic crisis in decades.

A meeting of G-7 officials in Japan acknowledges that “downside risks” remain for the global economy, in part because of dangers stemming from the U.S. housing crisis.

SINGAPORE: The global recovery faces serious pitfalls including mass unemployment in rich nations, asset bubbles, and a lurch toward protectionism, the World Bank chief and Asia-Pacific leaders warned Friday.

Final-G20 2009_communique_standrews download here

Brussels, 9 November 2009 (ITUC OnLine): The world’s trade union movement has welcomed the decision by G20 Finance Ministers meeting in St Andrews, Scotland, to keep jobs high on the agenda for economic recovery and reform, and to “maintain government support for the recovery until it is assured”.  The meeting also decided that the ILO…

The unemployment rate in the US rose to 10.2% in October, which was its highest rate since April 1983, according to figures from the US Labor Department.The unemployment rate in the US rose to 10.2% in October, which was its highest rate since April 1983, according to figures from the US Labor Department.

WASHINGTON – US mortgage finance giant Freddie Mac said Friday it lost $6.3 billion for shareholders in the third quarter but would not seek any additional bailout funds from the government.WASHINGTON – US mortgage finance giant Freddie Mac said Friday it lost $6.3 billion for shareholders in the third quarter but would not seek any…

ILO Global Wage Report 2009 download here

WASHINGTON (AFP) – The US Federal Reserve is unlikely to raise key interest rates this week or unwind emergency support as the economy starts a tough recovery from recession, analysts say.

World Bank Press Release No:2010/117/EAP Washington, DC, November 3, 2009 — The economic  rebound in East Asia and the Pacific has been surprisingly swift and very welcome but take China out of the equation and the regional picture is less rosy, says the World Bank’s half-yearly assessment of the economic health of the East Asia…

WASHINGTON – THE US economy exited recession in the third quarter, posting the strongest growth in two years, according to government data released on Thursday.

WASHINGTON – The United States has emerged from a long and crippling recession, posting its strongest growth in two years in the third quarter as government stimulus spurred consumer spending, official data showed Thursday.

For domestic industries to fully recover from damages caused by typhoons Ondoy and Pepeng, the Federation of Philippine Industries (FPI) said that the government must invoke an article of the Asean Trade in Goods Agreement (ATIGA) that would temporarily exempt the country from the zero-tariff regime beginning next year under the Asean Free Trade Area-Common…

WASHINGTON – The number of failed regional US banks exceeded 100 Friday, after authorities announced the collapse of seven more financial institutions around the country.

WASHINGTON (AFP) – The US economy is showing more signs of firming but improvements are “small or scattered,” the Federal Reserve said Wednesday in its Beige Book survey of current conditions.

WASHINGTON – The International Monetary Fund on Tuesday cautioned Asian economies against prematurely withdrawing fiscal stimulus measures, saying the current fragile global recovery may stall.

A year ago, at the height of the financial panic, the world yearned for a profitable and confident financial sector. It now has what it wants, but hates it. As joblessness soars and the hopes of hundreds of millions of people are blighted, the financial sector’s survivors are thriving. Even bonuses are back. Policymakers have…

WASHINGTON, D.C.: Asia may be leading the world’s recovery from recession, but its growth prospects are still clouded by the fragile global economic situation, said the top economist of the Asian Development Bank (ADB). The bank has projected “very optimistic” regional growth rates in 2010, but they could be dampened by a weak global recovery,…

The electronics industry is still hurting, but better times could be here before you know it.

WASHINGTON – Asia may be leading the world’s recovery from recession but its growth prospects are still clouded by the fragile global economic situation, the Asian Development Bank’s top economist said Wednesday.

The Organisation for Economic Co-operation and Development (OECD) has said unemployment in its member countries has edged higher.

DUBAI – ECONOMIC growth of Gulf Arab oil exporters is set to slow to 0.7 per cent this year but will rebound in 2010 to grow by 5.2 per cent on rising oil revenue, the International Monetary Fund said on Sunday.

The US economist widely credited with having predicted the financial crisis has warned we are already “planting the seeds of the next crisis”. Nouriel Roubini told the BBC that he is concerned about the growing gap between the “bubbly and frothy” stock markets and the real economy.

The eurozone economy has seen the worst of the recession and is “out of freefall”, the president of the European Central Bank has said. Jean-Claude Trichet added that the region was “stabilising” and was “expected to recover at a gradual pace” but that “uncertainty remains high”.

Istanbul (AFP): Finance chiefs from around the world focused on mapping out recovery from the global economic crisis at the annual meetings of the IMF and World Bank here on Tuesday, with a plea to include the poor.

Brussels, 6 October 2009 (ITUC Online): “While some commentators see green shoots of recovery, the crisis is far from over and the global stimulus packages supporting economic turnaround will not be sufficient to keep joblessness from growing at a steady pace,” said ITUC General Secretary Guy Ryder, commenting on a new ITUC publication The Path…

The International Monetary Fund has taken on an enhanced global role to promote lasting economic recovery in the world, with its 186 member nations pledging to keep stimulus support of growth in place.