Global Recession | featured news

Britain avoids recession with faster than expected growth

Britain skirted a "triple dip" recession by growing faster than expected in the first three months of the year, providing some cover for a government under fire over its austerity drive.


Eurozone slides back into recession

Eurozone Recession

The 17-country eurozone has fallen back into recession for the first time in three years as the fallout from the region's financial crisis was felt from Amsterdam to Athens. And with surveys pointing to increasingly depressed conditions across the 17-member group at a time of austerity and high unemployment, the recession is forecast to deepen, and make the debt crisis — which has been calmer of late — even more difficult to handle.


Lithuania election: Voters 'dump austerity government'

Lithuanians have voted out their conservative government after one of the world's deepest recessions, early results suggest. Two leftist parties, Labour and the Social Democrats, are currently placed first and second.


Trade body says UK tourism slumped during Olympics

UK Tourism

The Olympics brought less tourist money to recession-hit Britain than officials expected, a trade group said Monday, with a majority of tourist businesses reporting losses from last year.

Senh: That's surprising. You'd think with all those people there, everyone would be making more, if not record, sales.


Brazil's Star Power Dims, Economic Growth Weaker Than U.S.

Alexandre Tombini

For a country that’s faced the worst economic recession in a generation, the U.S. is doing marvelously well by comparison to every major economy except for maybe China. GDP growth, still around 2 percent and expected to end the year close to that, is better in the U.S. than it is in Brazil, a country which grew China-style in 2010 at 7.5 percent. Once the shining start of the Latin American economies, Brazil is now at stall speed.

Senh: People forget that we must think in relative terms. The entire world is in a recession, and compared to them, the U.S. is doing decent.


Dow, S&P 500 Slip as Spain Enters Recession

Stock Market

News that Spain’s economy entered another recession renewed worries about the fragility of Europe’s finances on Monday and nudged stocks lower. The Dow Jones industrial average slipped 35 points to 13,192 shortly after noon Eastern.


Taiwan Emerges From Recession

Taiwan snapped two straight quarters of contraction, but an uncertain outlook for its major trading partners prompted Taipei to revise growth forecasts for the year.


China November factory activity slumps to 32-month low

Chinese factories battled with their weakest activity in 32 months in November, a preliminary purchasing managers' survey showed, reviving worries that China may be skidding toward an economic hard landing and compounding global recession fears.


Repeating mistakes of the 1930s

Europe is caught in an economic pincer: slow-growth assaults from one side; fickle financial markets from the other. One obvious way out — the China option — seems barred by geopolitics. There is precedent. Historians blame the Great Depression’s severity in part on poor international cooperation. Economist Charles Kindleberger found a vacuum of power: Great Britain, the old economic leader, could no longer lead alone; and the United States — a replacement — wasn’t ready to help. Is there a parallel today between the United States and China? Are we repeating the mistakes of the 1930s? Unsettling questions.


U.S., China pressure Europe on debt

The United States and China piled pressure on Europe on Saturday to get to grips with its debt crisis before it risks causing bank runs and pushing the global economy into ruinous recession.


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