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OECD: UK Economy To Contract 3.7% In 2009, -0.2% In 2010
The U.K. economy will contract 3.7% in 2009 and output will decline mildly in 2010 also, the Organization for Economic Cooperation and Development predicted Tuesday.
"Economic conditions are set to deteriorate further, with output projected to decline by 3.7% in 2009," the OECD said in its latest economic outlook report.
"Equity and property prices have tumbled, contributing to the erosion of financial sector balance sheets and impeding the supply of credit, thus restraining household and business spending."
The OECD said a recovery would start in 2010, with the weaker pound, a somewhat improved global environment and the U.K.'s various policy measures helping lift the economy from a recession that started in mid-2008. However, the organization said the economy would still contract 0.2% in 2010.
If right, the U.K. economy is headed for its deepest downturn since World War II. |
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Jobless Rate Rises In Japan |
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Japan's jobless rate rises to 4.4% in February
Japan's jobless rate rises by 0.3 percentage points to 4.4% in February. Hiroshi Watanabe, senior economist at Daiwa Institute of Research said: “A big rise, about 100,000 people lost their jobs because firms asked them to quit, the data show, which is a typical pattern seen during the time of recession."
Expects jobless rate to continue to rise, with its peak "probably around July or August". |
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Credit To The Australian Private Sector |
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Australian Private-Sector Credit Steady In Feb Vs Jan Credit to the Australian private sector was steady in February from January and rose 5.4% from a year earlier, the Reserve Bank of Australia said Tuesday.
Housing sector credit rose 0.6% in February from January and rose 7.1% from a year earlier, the RBA said in a statement. |
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Dollar Gave Up Part of The Ground |
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Dollar gave up part of the ground gained since past Friday, along with Japanese Yen, that also lost ground, as global stocks markets advanced, with Dow Jones ending up in March after 6 months down. The yen has been losing ground since Japanese Prime Minister Taro Aso, past Monday directed the government to deploy another major stimulus package for the ailing Japanese economy, which analysts say could dramatically increase the nation's debt burden, and continues approaching to the 100.00 level against U.S. dollar.
Euro advance despite unemployment and inflation readings from the euro-zone reported early Tuesday were also deeply pessimistic. |
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