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The sovereign debt crisis in Greece has infected the eurozone and will hinder global economic growth, according to Roger Donnelly, chief economist at government credit agency Export Finance and Insurance Corporation (EFIC). Donnelly says because the eurozone comprises 20 percent of world GDP and 16 percent of the world’s importing, any funding problems would cause [...]
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Japan’s Minister for Finance Naoto Kan has admitted that the country will have to battle deflation and unemployment before a full recovery becomes clear. “The economic situation is still severe, falling short of a self-sustained recovery, even though it is beginning to pick up,” he reported, as the new government began its first term. “Looking [...]
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Figures from the US Commerce Department have revealed a decline in consumption after the ‘cash for clunkers’ program, a government incentive designed to boost auto sales, ended in August. Data from September showed a 0.5 percent drop from the previous month, though August was up 1.4 percent on the month before. While the slowing unemployment [...]
...read moreThe International Monetary Fund (IMF) has encouraged the USA and Europe to continue with their financial stimulus measures until unemployment in under control. IMF managing director Dominique Strauss-Kahn said it might take up to 12 months for recessionary pressure to truly recede. “There are some encouraging figures, a few months ago from European countries and [...]
...read moreThe USA has recorded a 3.5 percent rise in their gross domestic product for the third quarter, marking the end of their four-quarter recession. The figures are a good indication that the American giant will grow in 2010. US President Barack Obama attributed recovery to his administration’s US$787 billion stimulus package: “This recession is abating [...]
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Growth for Asian economies will need to be rebalanced by becoming less dependent on the USA and instead turning to their respective domestic economies, according to Japan’s Prime Minister Yukio Hatoyama. While the global economy has shown signs of recovery, “the employment situation is still getting worse and in dire condition”, and Asia needs to [...]
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Global unemployment will continue to grow for another 8-12 months until economic recovery is stable, according to International Monetary Fund (IMF) managing director Dominique Strauss-Kahn. The lag would be particularly problematic for low income countries, he said: “The problem we are going to face in the coming year may be much more important, much more [...]
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The European Commission is confident that the European Union economy will recover from recession in the third quarter. However, it has warned that recovery will be weak and heavily affected by unemployment and restricted by government coffers. Joaquin Almunia, commissioner for Economic and Monetary Affairs, said a buoyant global economy meant “the drop is behind [...]
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The quarterly Manpower employment outlook survey has revealed a “moderately improved” New Zealand labour market in the final quarter of 2009, with a greater percentage of employers saying they intend to hold onto their staff. The survey of 720 New Zealand employers found hiring intentions over the next three months remains in negative territory with [...]
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US consumer confidence rose more than expected in August, to reach the highest level since the recession began, according to results from the Conference Board’s latest Consumer Confidence index. The rise from 47.4 in July to 54.1 this month is an early indicator that the American market is becoming more optimistic. However, the index uses [...]
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