September 3, 2013 |
WASHINGTON - For the first time in several years, the annual G-20 summit won't be dominated by the Eurozone's debt troubles. But that may be little comfort to world leaders gathering this week in St. Petersburg, Russia. In addition to sharp differences over the conflict in Syria, which is certain to hang over the meetings Thursday and Friday, President Obama and other heads of the so-called Group of 20 major economies have a new economic threat on their hands. After financial fires were contained in the U.S. and then Europe, things now are heating up in the emerging economies.
August 14, 2013 |
LONDON -- Europe's economy is showing signs of recovery for the first time since 2011, according to figures released Wednesday by the European Commission. The second quarter of 2013 showed distinct if fragile 0.3% economic growth collectively over the previous quarter for the 17 countries that share the euro currency. The improvement was driven chiefly by Germany, where gross domestic product grew by 0.7% over the previous quarter, and France, with growth of 0.5%. Consumer spending, manufacturing and exports appear to have grown in both countries.
July 31, 2013 |
LONDON - The number of jobless workers in the 17 nations that use the euro dropped very slightly in June, but unemployment remains at a record rate as the currency zone continues to grapple with a lingering recession, statistics released Wednesday show. Nearly 19.27 million people were out of work in the Eurozone in June, the European Union's statistical office reported . That's 24,000 fewer than in May , a marginal improvement that did not impact the overall jobless rate, which has held steady since March at a record 12.1%.
July 20, 2013 |
RIMINI, Italy - You think we have it bad, caught between a stagnant economy and gridlocked politics? Then take a trip to Europe, where the economy is going not sideways but backward - and the politics are too. Europe's numbers should be familiar by now, but they're still awful. In the United States, President Obama's much-derided stimulus package helped end our recession in 2009; in Europe, with no comparable stimulus, the recession isn't over. Unemployment in the 17 countries that share the euro is higher than 11%, and it's still heading up. The International Monetary Fund says the Eurozone's economies won't start growing again until next year, if then.
July 9, 2013 |
WASHINGTON - After leading the way out of the global recession, China and other big developing economies now are growing slower, a significant shift in momentum that augers weaker world growth and softer demand for U.S. exporters. The slowdown in developing economies has been building for some time but has captured greater attention recently because of China's credit crunch and the prospects of monetary policy tightening by the U.S. Federal Reserve. On Tuesday, the International Monetary Fund cut its U.S. and global economic forecasts for this year and next, citing primarily slower growth in key developing nations as well as a deepening recession in the Eurozone.
July 3, 2013 |
LONDON -- After lying relatively dormant for months, Europe's debt crisis threatened to flare up again as political instability spread through some of the continent's most financially troubled nations Wednesday. The Portuguese government teetered on the brink of collapse over internal disagreements regarding the country's tough austerity program, which Lisbon was forced to implement to qualify for an international bailout in 2011. Two Cabinet members resigned this week, including the finance minister, who said that political and public support for his fiscal crackdown had evaporated.