Fears of Recession Overshadow the World Economy
With the USA and Japan already in a recession, indications pointing to a further slow-down of the stagnating economy of the EU are getting stronger. South-East Asia is feeling the impact of slackening economic activity in the major economic regions. In South America economic development is being hampered by financing bottlenecks. While economic-policy decision-makers in the United States are counteracting the trend by adopting an extremely expansionary monetary and fiscal policy, the euro area has seen hardly any such determined action.