World out of recession, says IMF

October 2nd, 2009 ISTANBUL - Developing nations will need outside support to help them boost domestic demand as the world begins an uncertain recovery from a devastating economic crisis, World Bank President Robert Zoellick said Friday. Speaking ahead of the World Bank and International Monetary Fund's annual meetings here, Zoellick said many emerging countries were poised to become major drivers of world growth.

September 20th, 2009 Obama not yet prepared to declare recession overWASHINGTON — President Barack Obama isn't ready to close the book on the recession. Only last week Federal Reserve Chairman Ben Bernanke said the worst recession since the 1930s was probably over.

September 17th, 2009 WASHINGTON - The world economy is beginning to turn around after its first recession in decades, the head of the International Monetary Fund (IMF) said Thursday. IMF Managing Director Dominique Strauss-Kahn said poor countries have done a better job than expected of weathering the global economic storm, but will still need massive aid to curb its worst effects.

August 13th, 2009 BERLIN - The German economy has emerged from its worst recession in 60 years with the nation's statistics office reporting Thursday a 0.3 percent growth rate in the second quarter. The surprise positive growth rate comes after Europe's biggest economy tumbled into recession during the second half of last year as the global economic slowdown triggered by a meltdown in the US mortgage market took hold.

July 31st, 2009 WASHINGTON - The US economy shrank at a one-percent annual rate in the second quarter of 2009, according to a preliminary estimate Friday by the US Commerce Department. The figure was better than economists expected and signals that the longest US recession since the Great Depression of the 1930s has slowed dramatically.

July 29th, 2009 WASHINGTON - President Barack Obama Wednesday said the United States was witnessing the "beginning of the end" of its worst recession in decades. Speaking at a townhall-style gathering in Raleigh, North Carolina, Obama sounded optimistic on the state of the US economy but warned that massive job losses were likely to continue for some time.

July 13th, 2009 WASHINGTON - The worldwide recession has led immigrants in wealthy countries to cut back sharply on how much money they send back to their home countries, according to a World Bank report released Monday. Remittances to developing countries jumped 15 percent in 2008 to $328 billion, but will plummet 7.3 percent in 2009, the World Bank predicted, revising its earlier forecast of a 5-percent decline this year.

July 8th, 2009 WASHINGTON - The world is beginning to pull out of its first recession since World War II, the International Monetary Fund said Wednesday. In an updated economic forecast, the IMF said the global economy was already stabilising, the financial crisis has eased and the recession will end in the second half of this year.

June 22nd, 2009 WASHINGTON/SEOUL - Most developing economies will slip into recession this year amid a global financial crisis that has prompted wealthy investors to pull their money out of projects for the poor, the World Bank warned Monday. The developing world will grow 1.2 percent this year after growing 5.9 percent in 2008.

June 9th, 2009 VERAVAL - The world wide recession has also taken a toll on the fishing industry of Veraval in Gujarat. Veraval, which is considered to be the hub of fishing exports, is now going through its worst possible phase as fish traders report a dip of almost 30 percent in overseas demand.

May 8th, 2009 Mexico says its economy is in recessionMEXICO CITY — Mexico's finance secretary says the country is in an economic recession. Agustin Carstens says "it is a fact that we are in recession." He says Gross Domestic Product could contract 4.1 percent this year, an estimate that takes into account a swine flu epidemic that forced a nationwide shutdown of many government services and businesses.

May 4th, 2009 Buffett sees end to recession, uncertain on timingWASHINGTON — Billionaire Warren Buffett says the latest recession really shook up Americans' confidence but he sees the economic slide ending. The head of Berkshire Hathaway Inc.

April 23rd, 2009 Barroso: EU must help poor despite recessionBRUSSELS — The European Commission's president says the EU must continue to be the world's primary donor of aid to poor nations despite the global recession. Jose Manuel Barroso says poor countries "are the least responsible for this crisis but among the worst affected." He says the recession "must not, cannot and will not be used as an excuse" for cutting EU aid to developing nations.

April 21st, 2009 Australia in recession, central bank chief saysSYDNEY — Australia has followed the rest of the world into a recession, the central bank chief said Tuesday. But Reserve Bank of Australia Governor Glenn Stevens emphasized that "sensible" policies remained in place and that the government had not been forced to bailout the banking sector.

March 14th, 2009 TORONTO - In the first such attack by any western leader, Canadian Prime Minister Stephen Harper has blamed reckless American consumers and investors for leading the world into the current recession and said the marketplace is not the solution to the problems. The prime minister of America's largest trading partner also found fault with President Barack Obama's stimulus package to kick-start the economy.