Financial Crisis, Global Economy | featured news

In Vietnam’s major cities, a once-booming property market has come crashing down, adding to an economic slowdown that is being compared to the 1997 Asian financial crisis.

Unemployment in the 17-country euro currency bloc hit another record in May as the crippling financial crisis pushed the continent toward the brink of recession, official figures showed Monday.

More than at any time since the depths of the financial crisis, the world's leaders need to pull together today, end their squabbling and divisiveness, and come up with a concrete plan to get the fragile recovery back on track.

European officials have rejected key recommendations from the United States and the International Monetary Fund, casting doubt on whether an emerging plan to address the region’s financial crisis will be as broad or fast acting as hoped.

The Federal Reserve, facing rising global financial strains and recession fears, is poised to increase downward pressure on longer-term interest rates next week in a bid to accelerate a sputtering U.S. recovery.

International Monetary Fund Managing Director Christine Lagarde said on Wednesday the global economy was rebounding from the financial crisis but recovery remains unbalanced.

Austerity measures being adopted by many industrialized world governments in the wake of the 2008-09 financial crisis are undermining economic recovery, a United Nations report said on Wednesday.