Economy

• Wednesday, April 1st 2009 - 11:02 UTC

  Developing world GDP forecasted to expand 2.1% this year

  

  GDP growth in the developing world will slow to a projected 2.1% in 2009 from 5.8% in 2008, according to World Bank estimates released Wednesday. The Bank has more than halved its November 2008 projection of 4.4% growth in developing countries in 2009, reflecting the rapid deterioration of global financial and economic conditions.

• Tuesday, March 31st 2009 - 09:46 UTC

  Spain rescues regional bank; financial stocks fall

  

  Spain's decision to rescue a regional savings bank has sent financial stocks in the country lower. The Bank of Spain is to take over Caja Castilla la Mancha in the first bank bail-out in Spain since the global financial crisis began. The government will also back the bank with 9 billion Euros in guarantees.

• Tuesday, March 31st 2009 - 07:21 UTC

  Restructuring deadline for GM & Chrysler; Wall Street plunges

  

  President Barack Obama has given US carmakers General Motors (GM) and Chrysler strict deadlines to restructure before getting more aid. General Motors will be given 60 days and Chrysler just 30 days to submit new plans for recovery.

• Tuesday, March 31st 2009 - 07:09 UTC

  China interested in Latam bonds and Yuan swaps to ensure trade

  

  China is likely to buy more Latin American bonds and promote Yuan swaps to support increased public spending in the region to combat the global financial crisis, revealed a Beijing think tank researcher.

• Monday, March 30th 2009 - 15:01 UTC

  CEO of GM steps down following suggestions from Obama

  

  The chief executive of struggling US car company General Motors, Rick Wagoner, has agreed to step down. He will leave his post immediately at the request of the White House, a government official confirmed.

• Monday, March 30th 2009 - 14:43 UTC

  UK dampens G-20 expectations and discards further stimulus option

  

  United Kingdom Chancellor Alistair Darling has moved to damp down expectations of a new budget stimulus for the global economy at the G20 summit in London, warning that all the world's problems would not “get sorted in one day”.

• Sunday, March 29th 2009 - 16:16 UTC

  Lula da Silva blames US, UK and Spain for current crisis

  

  Brazilian President Lula da Silva on Saturday at the Progressive Governance summit in Chile told representatives of the United States, Britain and Spain they had a major responsibility for causing the global economic crisis.

• Saturday, March 28th 2009 - 15:38 UTC

  Argentina in February recovers trade surplus, but exports plunge 24%

  

  The impact of the world recession continues to be felt in Argentina with exports plunging 24% in February compared to a year ago, while imports dropped 37%, according to the country’s Statistics and Census Office, Indec.

• Saturday, March 28th 2009 - 03:34 UTC

  US economy at its worst in fourth quarter but could be bottoming out

  

  The United States economy contracted at a stunning pace of 6.3% in the fourth quarter of 2008, the most in 26 years, as consumers cut down on spending and exports weakened.

• Friday, March 27th 2009 - 11:10 UTC

  Argentine economy expands at the lowest rate in six years

  

  Argentina's economy grew 2.3 percent in January from a year earlier, the lowest monthly rate in more than six years as the global crisis hits home, according to the latest release from the government.