Why the world’s economies are sinking

Developing nations are flexing their muscles, while rich countries appear to be weakening in global meltdown

The current economic slowdown may look global, but it might turn out to be the first in history that hits rich countries harder than developing ones.

…”The credit crisis, runaway inflation, mind-blowing energy crisis, falling confidence, housing prices


In Germany, the euro zone’s largest economy, a strong euro, weak orders and sharply higher costs for oil and other commodities have forced blue-chip firms such as Siemens AG, Henkel AG and Heidelberger Druck AG, world’s largest maker of printing presses, to announce the same kind of large job cuts that have racked the Ontario economy.

The Bank of Japan on Tuesday released its growth forecast of just 1.2 per cent through to March 2009