Global Financial Crisis – International

German President Horst Koehler has voiced concern that current efforts to reform world financial systems do not go far enough. He says that trade unions need to get involved.

WASHINGTON (AP) — The US unemployment rate rose to 9.8 percent in September, the highest since June 1983, as employers cut far more jobs than expected.

China’s growth next year could be hit by credit strains and east Asian economies face the risk of inflation if they hold interest rates low, World Bank chief Robert Zoellick warned on Friday.

Can the lumbering elephant overtake the hyperactive dragon? What appeared unthinkable for decades, if not for more than half a century, may actually happen soon, perhaps as early as next year.

PARIS (AP) — Unemployment is rising around the world as the recession leaves few corners untouched — but sharp differences remain between companies directly hit by financial or housing-market collapses and those that have deliberately protected jobs with expensive measures — including subsidizing shorter working weeks.

ISTANBUL (Xinhua) – International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn said on Friday that resuming economic growth does not mean the crisis is over, warning against risks of a stalled recovery and urging for reforms of the 186-nation agency.

MANILA, Philippines – The International Monetary Fund (IMF) expects the Philippines to post stronger economic growth this year and next year after successfully weathering the global financial storm mainly due to fiscal and monetary reforms.

ISTANBUL, Turkey — The International Monetary Fund (IMF) said Thursday that the global economy is recovering faster than expected — but warned governments against premature withdrawal of stimulus efforts.

ISTANBUL, Turkey (AP) – Likely losses from the financial crisis in the three years to 2010 have been reduced by $600 billion to $3.4 trillion as the world economy grows faster than previously expected, the International Monetary Fund said Wednesday.       

HANOI (AFP): The global economic crisis will keep more than 60 million Asians in poverty this year, the head of the Asian Development Bank said on Monday, urging a greater focus on social welfare including healthcare. “This crisis should be seen as an opportunity to take proactive measures that lay the groundwork for inclusive and…

MANILA, Philippines – Countries in the Southeast Asian region, including the Philippines, are expected to post steady recovery in the latter part of 2009 and in 2010 if governments continue to put in place fiscal and monetary support, Standard & Poor’s said in its latest report on the region.

The International Monetary Fund foresees a stronger than anticipated recovery from the economic crisis, with global growth approaching three percent in 2010, world leaders said.

WASHINGTON (AP) — A reminder that the path to an economic recovery will be a slow and bumpy one emerged Friday from weaker-than-expected data on US durable goods orders and new home sales.

Brusssels (ITUC OnLine):  The world’s trade union movement has described the results of the Pittsburgh G20 Summit as representing progress on the outcome of the April Summit in London, but has warned against complacency and highlighted crucial areas where little or no progress has been made.

Brusssels: Meetings of world trade union leaders with G20 host President Barack Obama and other heads of government in Pittsburgh on the eve of the Summit have helped push employment to the top of the agenda for action by the world’s largest economies.

KUWAIT CITY: About 17,000 expatriate workers have cancelled their residence permits and left Kuwait in the first half of 2009 due to the impact of the global economic crisis, a Kuwaiti daily said on Thursday. Quoting informed sources in the ministry of social affairs and labor, Al-Seyassah said that more than 70 percent of the…

WASHINGTON, D.C.: The International Monetary Fund (IMF) said the global financial crisis could impair economic growth for at least seven years, and suggested structural reforms could help limit the damage.

WASHINGTON (AP) – Nurturing a nascent recovery, Federal Reserve policymakers are sure to leave a key interest rate at a record low and probably will keep other economic supports in place.

LAGOS (Xinhua) – The World Bank says low-income countries will remain under the shadow of the global financial crisis for a long period, estimating cases of extreme poverty to rise in 2010, the News Agency of Nigeria reported on Wednesday.

Toy seller in front of government slogan, Beijing, July 09 Government stimulus packages have helped to boost domestic demand

MANILA, Philippines (Xinhua) – Developing Asia is expected to register a stronger-than-expected 3.9 percent growth this year as timely economic policies and programs implemented by Asian governments will keep the region afloat amid the global recession.

MANILA,Philippines – The Asian Development Bank has scaled down its growth forecasts for the Philippines and the rest of Southeast Asia for this year and the next, saying the impact of the global economic downturn on the region was worse than it initially expected.

The International Monetary Fund (IMF) reported Tuesday that the financial systems remain impaired, despite recent reports that the world was slowly recovering from the global economic turmoil.

WASHINGTON (AFP) – The World Bank Wednesday urged the Group of 20 nations to step up aid to the poorest countries, saying they lack 11.6 billion dollars for critical spending to weather the global economic crisis.

WASHINGTON, D.C.: The global economy is clawing its way back from synchronized recession, led by growth in Asia and a tepid rebound in other regions, Group of 20 leaders will likely affirm at their upcoming summit. The G-20 leaders will consider unwinding the unprecedented support to help recovery, but are expected to be cautious in…

WASHINGTON (AFP) – The jobs situation could worsen slightly over the coming few months, US President Barack Obama warned Sunday as he declined to spell out whether the world’s largest economy was out of recession.

GENEVA (ILO News) – Employment and social protection measures taken by G20 governments since the economic crisis began will have created or saved an estimated 7 to 11 million jobs in the G20 countries this year, the Director-General of the International Labour Office (ILO) said in a communication (Note 1) to be presented to the…

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SINGAPORE: Singapore plans to slow its intake of foreigners to ease discontent at home but needs sustained immigration in the long term, Prime Minister Lee Hsien Loong said in remarks published Wednesday.

WASHINGTON (AFP) – – The recession in the United States “is very likely over” but its economy remains weak due to tough credit conditions and high unemployment, Federal Reserve chairman Ben Bernanke has said.