Thursday, November 13, 2008

Germany suffers deepest recession in decade

The German economy fell by 0.5 percent in second quarter after a 0.4 percent in the first quarter, the largest back-to-back declines since 1996.

Recessions in the European Union and United States together with the financial debacle will likely weigh down on the world economy causing a downward spiral that could take years to bottom out.

The Paris-based Organization for Economic Cooperation and Development said that it expects economies among its 30 member countries to shrink by about 0.3 percent in 2009.



BBC News

German Economy Enters Worst Recession in 12 Years (Update3)
Bloomberg - 1 hour ago
By Gabi Thesing Nov. 13 (Bloomberg) -- The German economy, Europe's largest, contracted more than economists expected in the third quarter, pushing the nation into the worst recession in at least 12 years.
Europe Trades Mixed; FTSE Falls 0.7% Wall Street Journal
Germany slides into recession guardian.co.uk


AFP
OECD says developed world in recession
The Associated Press - 17 minutes ago
LONDON (AP) - The world's developed economies, hard hit by the financial crisis, have slid into recession and will shrink further in 2009, a top international organization said Thursday.
German Recession Adds to Gloomy Economic Reports Washington Post
OECD Forecasts Recessions in the US, Europe, Japan (Update2) Bloomberg

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