Masthead graphic based on a painting by Gudrun Thriemer.

Thursday, May 21, 2009

Recession around the world, a selection of articles from The Beeb.

"Mexico hit hard by US recession," BBC, May 21, 2009.

"Mexico's economy shrank by 8.2% in the first three months of this year compared with a year earlier," and that doesn't count the impact of the swine flu. "Mexico sends 80% of its exports to the US...."

"Japan's economy in record plunge," BBC, May 20, 2009.

"Japan's economy during the first three months of 2009 shrank at its quickest pace since records began, as exports slumped....economists predict a modest growth in the coming months, after a small rise in production in March....people around the world are buying fewer of the cars and electronic gadgets that Japan is renowned for...."The savings rate has gone up and that has worsened the severity of the recession," said Richard Jerram, head economist at Macquarie Securities in Tokyo."

"Eurozone economies contract 2.5%," BBC, May 15, 2009.

"A sharp fall in German exports...GDP also fell 2.5% in the wider EU. About 60% of the UK's exports go to the 27 countries in the EU."

Vaudine England, "World trade fall hits Hong Kong shipping," BBC, April 6, 2009.

"There is less cargo moving around the world, so less need for ships. Hence, dramatically lower rates for hiring large ships, and so a growing crisis in world shipping.

"As the China boom deflates, demand for steel, iron ore and other bulk items from around the world diminishes, leaving bulk carrying ships all dressed up with nowhere to go. ...

"Hong Kong has about 70 ships in "hot lay-up" at the moment, meaning they are waiting with full crews. Singapore has several hundred ships in "cold lay-up", where the ships are without crew....

"...ship owners, and often long chains of charterers and sub-charterers, are paying massive day-rates on ships that are earning nothing for them....

"But even if world trade picks up, shippers face a huge over-supply of ships, and plunging rates for renting them out."
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