Word: shrank
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...Hong Kong has good reason to be afraid. The economy is experiencing its worst slowdown since the SARS virus rampaged the 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...
...Tuesday's mayoral race, Gaydamak - once the prohibitive favorite because of his lead in campaign financing - has had a streak of bad luck. Like many Russian oligarchs, he was hit hard by the global economic crisis. His fortune shrank, forcing him to sell off a major Israeli company at a $100 million loss and to fire nearly all of his radio-station staff. Worse still, Gaydamak, supposedly the model for the title role in the movie The Lord of War (starring Nicolas Cage as an arms dealer in Africa), is one of 42 high-profile defendants on trial in France...
...turmoil in global markets has hit Russia particularly hard. The main stock index is down roughly four times compared to a year ago, while prices for gas and oil - Russia's real weapons these past few years - have dived as well. Foreign currency and gold reserves shrank from nearly $600 billion in August to $485 billion last week, further undercutting Russia's clout. As the economy shrinks, as seems likely, the Iskander could end up looking like a costly extravagance. Under the circumstances, production of the missile might be delayed...
...past few weeks, Americans have watched helplessly as over $1 trillion of our nation’s wealth has simply disappeared; during the third quarter of 2008, the American economy actually shrank. Meanwhile, the subprime mortgage crisis and the total collapse of the investment banking sector have exposed critical weaknesses in the American economy–the largest and most important component of an increasingly global exchange of goods and services...
...plan that could cost British taxpayers dearly, though he promises they may eventually earn dividends from the investments backed with their own money. Yet the crisis has had a bracing effect. A recent mutiny against his leadership in Labour ranks evaporated after a bold Cabinet reshuffle, and rebels shrank back from a coup attempt at such a tense time. "Who would have dreamed that a financial crisis would have given Labour a lifeline?" former Home Secretary David Blunkett wondered aloud at a drinks reception on London's South Bank, as across the river Treasury officials sweated over the final details...