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[Finfacts Ireland Business & Finance Portal] OECD says weak global recovery in sight but damage from crisis ...: The slowdown in OECD economies is reaching the bottom following the deepest decline for more than 60 years, says the OECD’s latest Economic Outlook. But global recovery is likely to be weak and fragile, and the economic and social damage caused by the crisis will be long-lasting.

[News] Downturn close to bottom, recovery seen next year: OECD: Japan is also showing signs that the contraction is near the end but the recovery is likely to be slow and the economic slack will likely further entrench .But the state of government finances in other countries, such as Japan, Italy, Greece, Iceland and Ireland did not leave any further room for manoeuvre, without a strong adverse reaction in financial markets.

[XE Forex News] XE.com - FACTBOX-OECD-Non-G7 European countries economic outlook: Restoring the smooth functioning of the banking system, enabling the new banks to resume lending, is the top priority. A large and necessary consolidation of Iceland's public finances will require significant spending cuts and tax hikes.

[The Gaea News] China defends export curbs after US, EU complaints, says limits ...: guillaume_n Pascal Lamy: trade contraction is due to economic recession and the impact of the financial crisis on funding of international trade #OECD; jasminehill emarket.com - Exploding the Barriers to International Trade: .

[Chris Tonge's Posterous] Chris Tonge's Posterous - OECD Raises Outlook for First Time in ...: The OECD’s new outlook comes two days after the World Bank said the global economy will contract 2.9 percent this year, compared with a previous forecast of a 1.7 percent decline. Today’s report echoes the view of the International Monetary Fund which now forecasts worldwide growth next year of 2.4 percent, up from April’s 1.9 percent estimate.

[Finfacts Ireland Business & Finance Portal] GDP in the OECD area fell by a record 2.1% in the first quarter of ...: The OECD area (i.e. OECD-Total) covers the 30 OECD member countries: Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Spain, Sweden, Switzerland, Turkey, United Kingdom and United States.

[Open Left - Front Page] Open Left:: OECD GDP Down 2.1% In First Qtr, Down 4.2% From Last ...: OECD GDP Down 2.1% In First Qtr, Down 4.2% From Last Year--Krugman, Soros, Roubini, Others Reflect | 25 comments

[A Fistful Of Euros » A Fistful Of Euros] Is Hungary Set To Become The New Iceland? | afoe | A Fistful of ...: The International Monetary Fund and the European Union has now approved Hungary’s request for a larger budget deficit this year, thus giving the government marginally more room for manoeuvre in the face of the very severe contraction in GDP. The government is now going to be authorised to aim for a 3.9 percent of gross domestic product shortfall, as compared with the earlier 2.9 percent objective, according to Finance Minister Peter Oszko.

[Brad Setser: Follow the Money] Brad Setser: Follow the Money » Blog Archive » Read Brender and ...: led to a collapse in lending to households, a collapse in consumer spending, a sharp fall in Asian exports and a global contraction. Rising US household debts no longer support rising Chinese exports (or growing investment in China’s export sector).

[The Irish Economy] The Irish Economy » Blog Archive » Ireland and World Trade: The Irish economy is undergoing a very large contraction this year.  The major source of the decline is the contraction in domestically-orientated activities.  It is true that exports are also falling - but it is important to put that into a global context.  The graph below shows projected export growth for 2009 for a range of countries (OECD projections, except Ireland where it is last week’s Central Bank forecast). In a cross-country comparative context, the global trade shock is bigger for many other countries.  (However, a given decline in export growth has a bigger impact here than in many of these countries, in view of our high export share in output.)  One reason is that we do not produce the types of durables and capital goods that have taken the biggest hit in terms of cancelled orders and so on.

[Dani Rodrik's weblog] Dani Rodrik's weblog: An IMF we can all love?: Demonstrators in Boston became particularly fed-up with this, and one night a group of protestors sneaked onboard a docked British East India Company ship and unloaded 45 tons of tea (worth an estimated £10,000 - that is about £953,000 today) into the sea. The event ultimately helped spark the American Revolution and the loss of America to the British Empire.

[StockPromoters - Small Cap Stock Trader Blog] Fiat improved Opel bid, others may too: German economy minister ...: BERLIN (Reuters) - German Economy Minister Karl-Theodor zu Guttenberg said Fiat had improved its bid for General Motors’ Opel unit and said other bidders may be willing to sweeten their offers as well.

[The Rates Blog] Blogging On Interest Rates, Economics & Business in New Zealand: “People are always inclined to look for dramatic, Iceland- type situations, when what you’re talking about is something totally different,” says Peter Sutherland, Irish-born chairman at BP Plc and Goldman Sachs International and a former EU commissioner. “Ireland still has a gross domestic product which is incredibly high, a significant balance of trade in positive terms and a vibrant manufacturing sector.”

[Ephems of BLB] Ephems of BLB » Blog Archive » The financial crisis: tell the ...: Even the International Monetary Fund, which is particularly gloomy about prospects for the UK economy, thinks British debt as a proportion of GDP will remain below that of Germany, Italy, France and the US, and get nowhere near that of Japan. Thanks in part to quantitative easing, there is no sign yet of any problems in financing these deficits.

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