Sunday, February 15, 2009

The Recession is Global

According to the writers at UPI the recession and levels of unemployment are reaching levels not seen since the Great Depression.

"This is the worst we've had since 1929," Laurent Wauquiez, France's employment minister, told the Times. "The thing that is new is that it is global, and we are always talking about that. It is in every country, and it makes the whole difference."

The International Monetary Fund said it expects that by the end of the year, global economic growth will reach its lowest point since the Depression.

Officials say the situation is creating social unrest, with high unemployment rates leading to protests in such countries as Latvia, Chile, Greece, Bulgaria and Iceland, and contributing to strikes in Britain and France.

No comments: