Sunday, February 15, 2009

While you were sleeping, Europe went to the shrink.

Did you know that UK's GDP shrank by 2.8% in the last quarter? Germany followed suit with 2.1%. Here's the degrowth percentages for the other European countries: France -1.2%, Ireland - 2.9%, Spain - 1%, Greece - 2%, Italy - 1.8%, Netherlands - 0.8%, Belgium - 1.3%, Switzerland - 1.8% and Iceland by a whopping 10%. NY Times says that this is the worst recession since 1929. The question is: how badly will India be hit? My gutfeel says w will know an answer to this question, only after the elections.

Posted by Anantha.

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