Some of the numbers are scary. Below are the annualized changes in real GDP recently announced for some of the largest trading partners for the U.S.Japan -15.2%
Germany -14.4%
Mexico -21.5%
These declines were not an aberration. German real GDP was down for the fourth straight quarter and the first quarter plunge followed a drop at an 8% annual rate in the fourth quarter of 2008. Mexico had posted a near 10% drop in the fourth quarter.
Other economies are not faltering as badly as the three noted above. The Eurozone overall dropped at "only" a 9.7% annual rate.
China posted growth at an annual rate of 6.1%. That was down from 6.8% in the fourth quarter of last year and 13% in 2007.
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