Regional Economic Outlook, May 2009: Europe - Addressing the Crisis


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Reports from European Community
  • Fler böcker av International Monetary Fund.
  • Model Order Reduction: Theory, Research Aspects and Applications: 13 (Mathematics in Industry).
  • Handbook of Spin Transport and Magnetism;
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The move received the backing of the British government which stated that it will over-rule any claims from the competition authorities. According to the Office for National Statistics unemployment claims in August increased by 32, to reach , The wider Labour Force Survey measure found joblessness rose by 81, to 1. While its retail deposit business along with its branch network will be sold to Santander. The mortgage book, personal loan book, headquarters, treasury assets and its wholesale liabilities will be taken into public ownership.

On 23 January , Government figures from the Office for National Statistics showed that the UK was officially in recession for the first time since ; with a 1. By November , unemployment had risen to over 1.

Great Recession in Europe

It was feared that unemployment could reach 3 million during — a level not seen since the s. However, the end of the recession in the United Kingdom was declared on 26 January , by which time unemployment stood at nearly 2. A peak of almost 2. In April , it was reported that first quarter GDP had shrunk by 1. The largest contributor to this figure was manufacturing output, which fell by 6.

In June , the figure for the first quarter GDP drop was revised downwards from 1. Revised figures also showed that the recession began in Q2 of , rather than Q3 of as previously reported. In the 3 months to May , the unemployment rate showed a record quarterly rise of , to stand at 2. In the three months to June, the number of job vacancies fell to a record low of ,, down by 35, from the previous quarter.

Addressing the Crisis

By August , UK unemployment stood at more than 2. In December , it was revealed that the UK's unemployment total stood at almost 2. By this stage, the UK was one of the last major economies still in recession. However, many economists were still unsure of the situation [] — the relatively small drop in unemployment benefit claimants could be attributed to seasonal jobs, and with a general election imminent, the government had every reason to present the best economic picture possible. Thus although official figures showed that the UK had indeed exited recession fears of a double-dip recession remained.

The popularity of Britain's Labour government, led by prime minister Gordon Brown since June , slumped dramatically during and , with low rankings in opinion polls, dismal performances in local and European elections, and losing several seats in parliamentary by-elections. The Conservative opposition, led by David Cameron , won the most votes and seats in the general election , but fell short of an overall majority, and agreed a coalition with the Liberal Democrats in order to form a new government.

The new government faced numerous economic challenges, namely re-establishing economic growth, reducing the national deficit and reducing unemployment, not to mention a host of social problems, many of which had been intensified as a result of the recession. Despite high economic growth in 8. Romania's economy has been one of the hardest hit in Europe.

Charles Collyns

The country's trade deficit fell by more than 60 percent during the first half of , but not because of exports taking off, but due to business bankruptcies and unemployment decreasing consumption. From until the autumn of Russia 's economy grew at a steady pace, [] which most experts attributed to Putin's policies, [] a sharp rouble devaluation of , Boris Yeltsin -era structural reforms, rising oil price and cheap credit from western banks.

In October Russia emerged as one of the countries hardest-hit by the global economic crisis , [] [] the stock market crash having been precipitated by Vladimir Putin 's verbal attack on Mechel in July that year and Russian peacekeepers' aid to the South Ossetian Republic in August. In , Russia's benchmark RTS share index lost In January , Russia's State Statistics Service released data, according to which the Russian industrial production slumped in December by However, the Russian main stock exchange index has doubled by autumn , compared to the end , and, by the end of , has almost reached the pre-crisis levels.

Sweden has not been severely affected, and no banks or financial institutions have had real trouble. However, some effects have been visible, mostly based on distrust and similar psychological mechanisms. The stockmarket has declined heavily, because of influence from New York and other markets. Some banks, especially Swedbank had invested heavily in US housing bonds. The housing loan interest rates have gone up even further.

The global sales especially of cars has gone down, forcing the Swedish car industry to lay off staff and contractors. The increased fear of enduring recession and the increased financing costs have lowered company investments and private consumption. Sweden entered recession after a two consecutive quarter of economic contraction.

Sweden's economy showed zero growth in the second quarter of In October retail sales dropped 0. Ratings agency Fitch warned Ukraine could be headed for a currency crisis as economic fundamentals deteriorate and the country enters another period of political uncertainty. Fitch said the current account deficit was likely to widen further as prices of gas imports rise and prices of its steel exports fall and said Ukraine was likely to need to borrow more at a time when global debt markets have ground to a virtual standstill.

Ukraine's central bank chief, Petro Poroshenko , said he saw no need to intervene to protect the currency. Ukraine was hit heavy by the economic crisis of , analysts say the plights of Ukraine are slumping steel prices, local banking problems and the cutting of Russian gas supply in January However, the overall value of the fund rose due to oil sales and currency movements.

With economic growth ceasing by the end in , the Croatian economy entered a crisis that exposed numerous structural issues and unsustainable growth mechanisms, causing the period of instability to fester until as late as The country was still in the midst of what was effectively a six-year long recession when it became a member of the European Union in July The measures included incentives to investment, tax cuts and social measures. From Wikipedia, the free encyclopedia. This article has multiple issues. Please help improve it or discuss these issues on the talk page.

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Speeches on the recent financial crisis

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Unsourced material may be challenged and removed. This article needs to be updated. Please update this article to reflect recent events or newly available information. October When quarterly change is calculated by comparing quarters with the same quarter of last year, this results only in an aggregated -often delayed- indication, because of being a product of all quarterly changes taking place since the same quarter last year. Currently there is no seasonal adjusted qoq-data available for Greece and Macedonia, which is why the table display the recession intervals for these two countries only based upon the alternative indicative data format.

Further information: Post Irish economic downturn. Further information: —13 Spanish financial crisis. See also: European sovereign-debt crisis. Main article: Economic history of Portugal. Further information: — Icelandic financial crisis. Further information: Russian financial crisis. Further information: — Ukrainian financial crisis. Main article: European Union stimulus plan.

Economics portal. Retrieved 20 September Retrieved 17 August Retrieved 10 January Statistical Institute of Belize. Banco Central de Costa Rica. Banco Central del Ecuador. Banco Central de Reserva de El Salvador. Retrieved 15 January Census and Statistics Department Hong Kong.

Reports from European Community

Statistical Institute of Jamaica. The Agency of Statistics of the Republic of Kazakhstan. MAK Stat Database. State Statistical Office of the Republic of Macedonia.

Department of Statistics, Malaysia. Banco Central del Paraguay.

Regional Economic Outlook, May 2009: Europe - Addressing the Crisis Regional Economic Outlook, May 2009: Europe - Addressing the Crisis
Regional Economic Outlook, May 2009: Europe - Addressing the Crisis Regional Economic Outlook, May 2009: Europe - Addressing the Crisis
Regional Economic Outlook, May 2009: Europe - Addressing the Crisis Regional Economic Outlook, May 2009: Europe - Addressing the Crisis
Regional Economic Outlook, May 2009: Europe - Addressing the Crisis Regional Economic Outlook, May 2009: Europe - Addressing the Crisis
Regional Economic Outlook, May 2009: Europe - Addressing the Crisis Regional Economic Outlook, May 2009: Europe - Addressing the Crisis
Regional Economic Outlook, May 2009: Europe - Addressing the Crisis Regional Economic Outlook, May 2009: Europe - Addressing the Crisis
Regional Economic Outlook, May 2009: Europe - Addressing the Crisis Regional Economic Outlook, May 2009: Europe - Addressing the Crisis
Regional Economic Outlook, May 2009: Europe - Addressing the Crisis Regional Economic Outlook, May 2009: Europe - Addressing the Crisis

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