By Sean O'Grady, Economics Editor
Saturday, 25 October 2008
The Independent
".....The numbers were much worse than forecast, and City economists were outbidding each other in their description of the awfulness. Philip Shaw of Investec called them "truly dire"; Matthew Sharratt of Bank of America pronounced them "dismal"; "dreadful" was the verdict of Malcolm Barr of JP Morgan.
However, it is developments in economies far away from Britain which have triggered the latest global bout of nerves. Disappointing results from the industrial giants Sony and Toyota helped spark the sell-off in the Far East. Concerns about economies as diverse as Iceland, South Korea, Thailand, Serbia, Hungary, Ukraine, Belarus and Argentina helped build the panic. The world has increasingly relied on emerging economies, principally China, for much of its growth; but now that the Western economies are so patently weak, hopes are also fading that the emerging nations can continue to pull the world along.
Yesterday's events seemed an appropriate way to mark the 79th anniversary of the Great Crash of 1929."
Saturday, 25 October 2008
The Independent
".....The numbers were much worse than forecast, and City economists were outbidding each other in their description of the awfulness. Philip Shaw of Investec called them "truly dire"; Matthew Sharratt of Bank of America pronounced them "dismal"; "dreadful" was the verdict of Malcolm Barr of JP Morgan.
However, it is developments in economies far away from Britain which have triggered the latest global bout of nerves. Disappointing results from the industrial giants Sony and Toyota helped spark the sell-off in the Far East. Concerns about economies as diverse as Iceland, South Korea, Thailand, Serbia, Hungary, Ukraine, Belarus and Argentina helped build the panic. The world has increasingly relied on emerging economies, principally China, for much of its growth; but now that the Western economies are so patently weak, hopes are also fading that the emerging nations can continue to pull the world along.
Yesterday's events seemed an appropriate way to mark the 79th anniversary of the Great Crash of 1929."
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