The Chilean economy expanded 0.2% in the last quarter of 2008 closing the year with an overall growth of 3.2%, according to data released by the Central Bank.
The World Bank estimates China's gross domestic product for 2009 will be 6.5%, falling short of China's own prediction of 8% growth for the year. Still, the World Bank says China's economy is holding up relatively well and it sees plenty of room for the government to implement effective stimulus measures.
The boss of US insurer AIG has called the bonuses paid to executives distasteful and said he asked some recipients to return at least half. But Edward Liddy said the Federal Reserve knew in November of the 165 million US dollars bonus payments to executives that have caused such a furore in US.
The US Federal Reserve said on Wednesday it will buy almost 1.2 trillion US dollars worth of debt to help boost lending and promote economic recovery. The US central bank said it would start buying long-term government debt and expand purchases of mortgage-related debt.
Bank of England Governor Mervyn King has issued a rallying cry for joined-up international efforts to pull the global economy out of a sudden, severe and simultaneous downturn.
The US economist and Nobel Laureate Paul Krugman said Tuesday that Europe and the United States should at least double their fiscal efforts in order to salvage the global economy.
Sales of new cars and light trucks in Chile plunged 54.8% in the first two months of 2009 compared to the same period a year ago the country's automotive association ANAC said Tuesday.
The International Monetary Fund expects the global economy to contract 0.6% this year, according to forecasts provided on Tuesday by an IMF official in Lisbon.
The Uruguayan government is considering reducing working time to lighten the impact of the global financial crisis, local media reported over the weekend.
US Federal Reserve Chairman Ben Bernanke expects economic recovery in America next year, but has warned that the biggest risk to an upturn is whether there is sufficient political will to mend the financial system.