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January 13, 2009
World’s strongest economies are quickly deteriorating

The Organisation for Economic Co-operation and Development (OECD) warned that what had been some of the world’s strongest economies — China, Russia and Germany — are now deteriorating the most quickly, and that the entire global system is succumbing to what it called a “deep slowdown.”

China’s exports dropped almost 3 percent last month, their biggest decline in a decade, and there are estimates that unemployment is now as high as 9 percent in urban areas and 20 percent in rural areas. 

Marcus Mabry, the international business editor of the The New York Times, joins Martin Savidge to discuss the OECD’s report, how the deterioration of major world economies will impact the U.S. and stimulus plans abroad.

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3 comments

#3

US Corporations have moved to nations with cheaper labor already. Nations that have slave and child labor all for more profits. Nations that have no human rights laws that protect the people manufacturing the products…that’s why labor costs are less. This also slaughtered American jobs at the same time. The Fair trade agreement was a great idea too, right?

#2

annjell… you’ve got it wrong. It’s the natural flow of a nation’s economic roots. From agrarian to industrial to service. When labor costs get too high in an industrial-based nation, factories move to nations with cheaper labor. It’s all part of the process. No one’s to blame… it’s just a matter of global economics.

#1

Well, this doesn’t shock me at all. The big U.S. corporations destroyed everyone in their efforts to undermine the American workers. Outsourcing jobs, and bringing in cheap foreign labor. It’s looks like no one will be able to eat the piece of the pie they got!

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