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Wednesday, February 25, 2009


More negative data highlight Europe's deepening downturn
Bleak and deteriorating business sentiment in Germany heads the list of pessimistic reports indicating an accelerating downturn in Europe. Confidence in Europe's biggest economy among German executives has fallen to its lowest level in 26 years. International Herald Tribune (24 Feb.)

Leaders agree U.S., Japan must coordinate for recovery
U.S. President Barack Obama used his meeting with Japanese Prime Minister Taro Aso to emphasize that he considers Japan a vital partner in returning growth to the world economy. "The alliance that we have is the cornerstone of security in East Asia," Obama said. The two countries must "work together, hand in hand" to fight the economic crisis, Aso said. Bloomberg (24 Feb.)

Struggling Japanese exports suffer their worst drop: Japan's Finance Ministry released data showing that exports plunged by 45.7% in January from the previous year, setting a record for the world's second-largest economy. The ministry's chief economist predicted that Japan's economy "will gradually worsen further." The Globe and Mail (Toronto)/Reuters (24 Feb.)

Russia's economy marks 1 of its worst months
Russia's Economy Ministry said the nation's GDP contracted 8.8% in January compared with the previous year. The ministry said the decline reached every corner of the economy. Forbes/Reuters (24 Feb.)

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