The mortgage crisis that is at the heart of the current financial turmoil reflects fundamental flaws in the way countries approach housing, and highlights the danger in thinking that markets alone will ensure adequate housing for all, said an independent United Nations human rights expert.
The gap between rich and poor in most wealthy nations has widened, revealed the Organization for Economic Co-operation and Development (OECD). Across the 24 OECD countries where data was available, the cumulative rise in inequality was 7% over the past 20 years, the Paris-based group said. But this was not as large a rise as had been expected, it said.
The Uruguayan government admitted it expects growth to slow down as a consequence of the international financial crisis which is spreading to the real economy as demand retracts in the main world blocks.
Britain is better prepared than other countries to weather the global economic storm, Gordon Brown has insisted despite the UK recording its worst economic performance for 18 years.
Asian and European leaders have called for comprehensive reform of the global financial system. Ending a summit in Beijing, they also urged the International Monetary Fund (IMF) to play a greater role in helping countries hit by the market turmoil. UN chief Ban Ki-moon called for action to help affected developing nations.
Asian and European leaders called for a concerted effort to weather a financial crisis that originated from the United States and has now spread globally as the 7th Asia-Europe meeting opened on Friday.
Latin American economic growth may slow more than expected in 2009 due to lower prices for the commodities that drive many of the region's economies, the International Monetary Fund said this week in Chile.
East Asian nations have pledged to set up an 80 billion US dollars swap scheme by mid-2009 to help protect the region from financial turmoil. The move by the 10-member Association of Southeast Asian Nations (Asean) is backed by South Korea, China and Japan.
The International Monetary Fund, which has announced its readiness to act in support of nations hit by fallout from the global financial turmoil, is holding talks with several countries about possible new lending programs. According to an official release IMF has 200 billion US dollars ready for loans.
Friday closed a tsunami impact trading week for Latinamerican markets accumulating massive losses as risk aversion and recession fears contagion from major markets spread to the rest of the world.