World News Blog

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

Labels: germany, oecd, recession

Wednesday, October 22, 2008

OECD: Income inequality grows since 1980s

The Organization for Economic Cooperation and Development, composed of 30 member countries mostly from Europe, said Wednesday that the income gap grew among most of its members in the last two decades.

France, Greece and Spain were among the countries where income inequality lessened, while over the past five years, the widest increase in the gap occurred in the U.S., Canada, Germany and Norway.

Rising unemployment among the poor and uneducated was given as the most important reason for the growing inequity.

Earthtimes (press release)

Income Inequality Grew in Most Countries Since 1980s, OECD Says
Bloomberg - 3 hours ago
By Jennifer Ryan Oct. 21 (Bloomberg) -- The gap between rich and poor increased in three-quarters of countries in the Organization for Economic Cooperation and Development over the last two decades, the group said in a report today.
Poverty gap increasing, says OECD BBC News
Study shows gap growing between rich and poor BusinessWeek

Labels: income inequality, oecd, organiztion for economic cooperation and development