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Just how far and how fast will the economy drop this quarter? There's lately been a race to the bottom among forecasters, with the economists at Goldman Sachs leading the way. Early in the week, they put out a report saying that -3.5% annualized GDP growth was their baseline forecast for the quarter, but they also went so far as to outline a "just awful" scenario of -6.0% and a "worst case" of -7.8%. Today they updated their baseline forecast...

Author: /time Magazine | Title: Looking Ahead: A Bad Recession or Something Worse? | 11/21/2008 | See Source »

...city in 2003, stalling the economy for months on end. GDP shrank 0.5% in the third quarter - the second consecutive quarter-on-quarter contraction. That officially means Hong Kong is in a recession, and it doesn't look likely to end any time soon. The government lowered its forecast for 2008 growth from 4-5% to 3-3.5%. "The global financial turmoil has derailed the economic upturn that Hong Kong has enjoyed," government economist Helen Chan told reporters. (See pictures of the global financial crisis...

Author: /time Magazine | Title: Due to the Economy, Stress Boils Over in Hong Kong | 11/20/2008 | See Source »

...indeed, it was news of the recession that sent stock traders into a frenzy of buying on Friday, there may be more bullish boosts to come in the weeks and months ahead. A new forecast by the Paris-based Organization for Economic Cooperation and Development (OECD) predicts a 0.3% decline of its members' economies next year. That, the OECD forecasts, will be led by a 1% decline in growth in the U.S., a 0.5% contraction in Europe, and 0.1% downturn in Japan. Evidence to back that projection came with Friday's announcement that economic growth across the euro-zone decreased...

Author: /time Magazine | Title: Stock Markets Undeterred by Euro Recession | 11/14/2008 | See Source »

...LATEST COVER STORY The Whistle Blowers Partnership: Bush & Cheney Crusader: Eliot Spitzer December 30, 2002 Issue Past Issues Forecast 2003 Dec. 23, 2002 ----------------- Burma's Drug Army Dec. 16, 2002 ----------------- Diabetes Dec. 9, 2002 ----------------- Lure of the Rings Dec. 2, 2002 ----------------- Bali Bomb Suspects Nov. 25, 2002 ----------------- Yao Ming Nov. 18, 2002 ----------------- China Culture Nov. 11, 2002 ----------------- North Korea Nov. 4, 2002 ----------------- After Bali Oct. 28, 2002 ----------------- Tadanobu Asano Oct. 21, 2002 ----------------- China's Most Wanted Oct. 14, 2002 ----------------- Headache Prevention Oct. 7, 2002 ----------------- Asia's AIDS Crisis Sep. 30, 2002 ----------------- China's New Rich...

Author: /time Magazine | Title: New Age Supersage | 11/14/2008 | See Source »

Such a rebound will be welcomed by the Irish government. Thanks to the fall in tax receipts caused by the housing-market collapse, Ireland's budget deficit is forecast to hit 5.5% of GDP this year - well beyond the 3% limit imposed by Brussels. That has left Dublin little room to spend its way out of trouble, a fact made clear when Finance Minister Lenihan announced a slew of tax hikes and spending cuts...

Author: /time Magazine | Title: Ireland's Economy: Celtic Crunch Time | 11/12/2008 | See Source »

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