The World in Recession

IMF says it needs 100 Billion Dollars over 6 Months.

The world 2nd Largest Economy Japan became the latest major economy to fall into recession, with France close behind, and US stocks followed world markets lower after the Giant Citigroup said it would cut 50,000 Jobs, adding to worries slump may deepen further.

Hooon, a weekend meeting of the world's 20 Largest Economies failed to come up with new measures to give strenght to the World economy, the IMF said it needed at least 100 Billion Dollars to fight the crisis.

Citigroup, the US bank with the farthest worldwide reach, gave the international Markets an unwelcome reminder of the Financial Industry's woes with news it would cut about 15 Per cent of its workforce. ( I am afraid if some such thing happens in Pakistan, the patriotic Pakistani overseas start pointing on Pakistan's politics and blame the whole nation responsible for such acts, but since this is happening in US no body is dare enough to raise any voice, what a shame for those Highly educated and drastically equipped with expertise and knowledge, the whole modern world is combined but yet not been able to cop with such hurdles).

Japan surprised the International Markets showing that World's 2nd Biggest economy fell into its first recession in seven years because the financial crisis curbed demand for Japanese exports.

You know what UK's main employers group forecast that unemployment could rise to almost 3 million (30,000,000) by 2010. Policy makers have little doubt that their economies will continue to decline.

Japanses Economy Minister Kaoru Yosano told a news conference :We need to bear in mind that our economic conditions could worsen further as the US and European financial criss deepends, worries of economic downturn heighten and stock and foreign exchange markets make big swings.