Our correspondents around the world report on the impact of the global economic crisis • Introduction: Adrian Michaels What began as a financial problem in certain debt-soaked nations is battering the economies of dozens of others, as well as millions of people working in almost every trade. It will change behaviour, and alter the pecking order of the world’s economies. There will be social unrest and changes of regime. Received wisdom, whether about the benefits of free trade, globalisation or European integration, may be cast on to a bonfire of recrimination. Estimates of how long the pain will last range from a year to a decade. • Spain: Fiona Govan With some five million legal and illegal foreigners in a total population of 46 million, Spain has the highest proportion of immigrant residents among European Union states. But as unemployment in Spain is soars to 3.3 million –more than 14 per cent the highest in the eurozone –immigrants are losing jobs at twice the rate of Spaniards. • US: Alex Spillius 'Responsible buyers' in the US are hoping that President Barack Obama can stem the housing foreclosure crisis as 10,000 American owners hand their property back to the banks every day. • China: Malcolm Moore In the heyday of China’s economic miracle, buyers from all over the world flocked to Yiwu, an unremarkable city in the southern province of Zhejiang, but now the two-mile corridors of the world's greatest bazaar are packed with 60,000 Chinese companies desperate for business.Postcards from the Edge: the economic crisis that stretches from Wall Street to all streets
The financial crisis has moved from Wall Street to all streets, as the economic shock causes strains and suffering in every part of the world economy.
Sunday, 22 February 2009
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