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In the eurozone as a whole, industrial production fell 1.9 percent in May, the sharpest one-month decline for the region since the exchange rate crisis in 1992. European car sales fell 7.8 percent in May compared with a year earlier.[84] Retail sales fell by 0.6 percent in June from the May level and by 3.1 percent from June in the previous year. Germany was the only country out of the four biggest economies in the eurozone to register an increase of activity in July though the increase was sharply down. Economic analysts from RBS and capital Economics say the decline raises the risk of the eurozone entering a recession in 2008. In the second quarter, the eurozone's economy was reported to have declined by 0.2 percent. The economy declined again in the third quater putting the eurozone in a technical recession. [16]
（从欧元区整体来看，工业生产在5 月份下跌了1.9个百分点，是从1992年汇率危机以来最厉害的一个月。欧洲汽车的销量与早年相比下跌了7.8个百分点。零售业下跌了0.6个百分点。第二季度，欧元区经济报告显示其经济下降了0.2个百分点，预计在三季度欧元区还会有一轮技术性的下调）
4.1）Ireland（爱尔兰）
Ireland in the first quarter of 2008 reported a contraction in GDP of 1.5 percent, its first economic contraction since it began reporting by quarter and first recorded contraction since 1983. However, Ireland's Central Statistics Office reported growth in GNP of about 0.8 percent, Ireland's government considers GNP a better measure of the economy. Analysts have predicted Ireland's economy will contract further in the rest of the year. A report from NCB Stockbrokers predicts gross national product will fall by 1 percent in 2008 and by 0.4 percent in 2009 due to a decline in multinationals hit by the global economic slowdown. An economist from NCB said non-residential investment would fall by 5 percent in 2008 and by 12 percent in 2009. Ireland's GDP saw a contraction in the second quarter by 0.5 percent making Ireland the first member of the eurozone to enter a recession. [17]
（爱尔兰第一季度报告显示：GDP下降了1.5个百分点。但是爱尔兰中央统计局报告显示GNP增长了0.8个百分点。爱尔兰政府把GNP看做是经济的暂时好转。分析人士预测：爱尔兰的经济在未来将会持续走低。来自NBC股票经济人公司的预测显示由于全球经济的不紧气，爱尔兰08年的国名生产总值将下降1个百分点，09年下降0.4个百分点，使得爱尔兰成了第一个进入经济萧条的欧元区国家）
4.2）Spain（西班牙）
Spain's Martinsa-Fadesa, a construction company, has declared bankruptcy as it failed to refinance a debt of €5.1 billion. The two banks with most exposure to Martinsa-Fadesa are reportedly Caja Madrid, at €900m, and Banco Popular, at €400m. Spain's finance minister Pedro Solbes has said it would not bail out the company. In the second quarter in Spain house prices reportedly fell 20 percent. In Castilla-La Mancha some 69 percent of all houses built over the past three years are still unsold. Deutsche Bank said it expects a 35 percent fall in real house prices by 2011. Spain's premier, Jose Luis Zapatero, blamed the European Central Bank for making matters worse by raising interest rates. More than 98 percent of home loans in Spain are priced off floating rates linked to Euribor, which has risen 145 basis points since August. Housing accounts for over 10 percent of Spain's economy. The Bank of Spain is concerned about the health of smaller regional lenders with heavy exposure to the mortgage market. [16]
（西班牙著名的Martinsa-Fadesa建筑公司由于无法偿还51亿的债务从而宣布破产。西班牙第二季度的房屋价格下跌了20个百分点。在Castilla-La地区成品房69%都还没有卖出。预计在2011年房屋的价格将下降35%. ）
4.3）Germany, Italy, Greece, Portugal（德国、意大利、希腊、葡萄牙）
In Germany officials are warning the economy could contract by as much as 1.5 percent in the second quarter because of declining export orders. The economy of Germany contracted in both the second and third quaters putting Germany now in a technical recession. Industrial output in both Italy and Greece has slumped 6.6 percent over the past year. However, Greece's economy will continue to grow for both 2008 and 2009; Eurostat expects the Greek economy to grow 3.1% and 2.5% respectively.Portugal is off 6.2 percent. Germany's industrial output was down 2.4 percent in May, the fastest rate for a decade. Orders have now fallen for six months in a row, the worst run since the early 1990s. The German Chamber of Industry and Commerce warned of up to 200,000 job losses in coming months. German retails sales fell 1.4 percent in June more than any expectations. The German economy declined by 0.5 percent in the second quarter. In Italy, Fiat announced plant closures and temporary layoffs at factories in Turin, Melfi, Imola and Sicily. Car sales in Italy have fallen by almost 20 percent over each of the past two months. Metalmeccanici, Italy's car workers' union said, "The situation is evidently more serious than had been understood." On July 10, 2008 economic think tank ISAE lowered its growth forecast for Italy to 0.4 percent from 0.5 percent and cut the 2009 outlook to 0.7 percent from 1.2 percent. Analysts have predicted Italy had entered a recession in the second quarter or would enter one by the end of the year with business confidence at its lowest levels since the 9-11 terrorist attacks. Italy's economy contracted by 0.3 percent in the second quarter of 2008. [18]
（德国官方警告由于出口的减少，第二季度的经济将下降1.5个百分点。紧急的经济紧缩使得德国的经济进入了一个技术性经济衰退的阶段。意大利和希腊的工业输出也较去年下降了6.6个百分点。不管怎样，希腊的经济还是仍旧会有所增长。EUROSTAT预期希腊的经济将增长3.1%和2.5%。葡萄牙经济下降了6.2个百分点。德国的工商会警告在未来的几个月200000的工作机会将消失。分析家指出，意大利经济已经进入萧条阶段，商业信心也下降到了911以来的最低点。）
4.4）France, Finland, Benelux（法国、芬兰、荷兰）
Other eurozone members saw a decline in their economy in the second quarter. The French economy declined by 0.3 percent, Finland's economy declined by 0.2%, and the Netherlands showed zero growth in the second quarter. According to INSEE, France's statistical agency, the French GDP was projected to decline by 0.1 percent in the third quarter of 2008 with another 0.1 percent decline in the fourth quarter and Eric Woerth, the French budget minister, said France was in a technical recession. However the final estimations gave by the INSEE showed the French GDP actually increased by 0,14% thus avoiding a technical recession. [19]
（其它的欧元区国家经济也陆续在第二季度出现了下滑，法国的经济下降了0.3%, 芬兰下降了0.2%, 荷兰在第二季度也出现了零增长。根据法国统计机构的报告，法国的GDP第三,四季度都将下降0.1%. 法国的经济进入了一个技术性经济衰退的阶段）
3、Asia（亚洲）
1）China（中国）
On November 9, 2008 China announced a package of capital spending plus income and consumption support measures. Four trillion yuan ($586 billion) will be spent on upgrading infrastructure, particularly roads, railways, airports and the power grid; on raising rural incomes via land reform; and on social welfare projects such as affordable housing and environmental protection. [20]
（9月9日，中国宣布了资本投资的经济刺激计划，4万亿人名币将用于基础设施的建设，尤其是公路，铁路，机场和电站。通过土地改革提高农村收入；社会福利计划：例如经济房和环境保护等）
2）Japan（日本）
In Japan exports in June declined for the first time in about five years falling by 1.7 percent. Exports to the United States and European Union fell 15.4 percent and 11.2 percent respectively. The decline in exports and increase in imports cut Japan's trade surplus $1.28 billion a decline of 90 percent from the previous year. An economist at the Royal Bank of Scotland said the decline means the Japanese economy most likely declined in the second quarter. Taro Aso, secretary-general of Japan's ruling Liberal Democratic Party, said he believes Japan had entered a recession. Japan's economy declined by 0.6 percent in the second quarter of 2008. This was later revised to a decline of 0.7 percent. Japanese exports grew 0.3 percent in August of 2008 compared to a year before down from 8 percent the previous month. Exports to the U.S. fell 21.8 percent, the biggest decline on record, and exports to Europe fell 3.5 percent. Two Japanese banks appeared on the list of major Lehman creditors. On November 17th, the Japanese Economy Minister announced that the nation was officially in a recession. [21]
（日本出口5年来首次下降了1.7个百分点。对美国和欧洲的出口分别下降了15.4%和11.2%。出口的下降和进口的上升导致了日本贸易顺差12.8亿美元。经济学家指出：日本的经济将会在未来的2个季度继续出现下滑。11月7日日本经济大臣宣布日本正式进入经济衰退期）
3）India（印度）
India's economy grew at an annual rate of 9% or more in the past three years, second only to China among the major economies, and the projections for FY2008 indicate that India's economic growth has been effected by the economic crisis. The Indian government's Finance Minister Palaniappan Chidambaram, however, said that he expected India's economy to bounce back to 9% during FY2009. This prediction has been met with skepticism by observers. The Asian Development Bank predicted India to recover from weakening momentum in 4-6 quarters. At the G20 Summit, India called for coordinated global fiscal stimulus to mitigate the severity of the global credit crunch. India said that it would inject US$4.5 billion into the financial system to help exporters. Some analysts pointed that India's going trade with other Asian countries, especially China, will help reduce the negative impact of the crisis. Analysts also said that India's high domestic demand and large infrastructure projects will act as a buffer reducing the impact of the global downturn on its economy. Economists argued that India's financial system is relatively insulated and the its banks do not have significant exposure to subprime mortgage. [22]
（印度经济的年增长率在过去三年达到了9%甚至更高，仅次于中国。但是在2008年，印度的经济被全球的经济危机所影响有所降低。印度的财政部表示，期待印度的经济在2009年恢复到9%的增长水平。印度政府宣称将注资45亿美元进入金融系统，以帮助出口行业。分析家也指出，印度将会与亚洲的其它国家，特别的是中国进行更多的贸易，从而削弱金融危机带来的影响。分析人士同时指出，印度的巨大内需以及基础设施建设都将起到一个缓冲作用，来削弱金融危机带来的冲击）
4）Singapore（新加坡）
Singapore's economy saw its biggest drop in five years in the second quarter, falling by 6.6 percent; however, the Managing Director of Singapore's central bank said a technical recession was not likely. Singapore cut its 2008 GDP forecast to between 4 and 5 from 4 to 6 percent before, and then again down to 3 percent. Singapore's economy contracted in the third quarter, placing the country in recession. [24]
（新加坡经济在第二季度达到了5年来的最大跌幅，达到了6.6个百分点，新加坡中央银行常务董事表示，暂时还没有进入技术性经济衰退。新加坡削减了GDP的预期到3个百分点。）
5）South Korea（韩国）
The foreign exchange reserves of South Korea's central bank contained many depreciating "Agency bonds" from the GSEs, threatening a currency crisis and leading to depreciation of the South Korean won against the US dollar and other major currencies,. Samsung Electronics has been reported to be posting a decrease in sales for the first time since the Asian financial crisis since home appliances saw a decrease in the domestic market of up to 20 percent since mid-June compared to the previous year. Domestic auto sales also saw a decrease in the second quarter. Auto exports also posted a loss and exports of home appliances were also reported to be in decline. [25]
（韩国央行的外汇储备正在贬值，货币危机导致了韩元对美元及其它货币的贬值。三星电子报告宣称销售量正在下降，与往年相比下降了20个百分点。同时，国内的汽车销量也在第二季度出现下滑，出口的电器及汽车等都出现了大幅下降）
4、Oceania and Africa （大洋洲与非洲）
1）New Zealand（新西兰）
New Zealand Institute of Economic Research's quarterly survey showing New Zealand's economy contracted 0.3 percent in the first quarter and Treasury figures suggested the economy also contracted in the June quarter putting New Zealand in a technical recession. The Treasury says the economy could recover in the second half of the year under the impact of high dairy prices boosting farmer incomes and cuts to personal tax rates, which come into effect on Oct. 1. About 23 financial companies in New Zealand have filed for bankruptcy in a year. Housing starts in New Zealand fell 20 percent in June, the lowest levels since 1986. Excluding apartments, approvals dropped 13 percent from May. Approvals in the year ended June fell 12 percent from a year earlier. Second-quarter approvals dropped 19 percent. The figures suggest a decrease in construction and economic growth. House sales fell 42 percent in June from a year earlier. [26]
(新西兰经济学院的调查显示新西兰的经济在第一季度下降了0.3个百分点。国家财政部表示新西兰经济将在下半年有所恢复，乳制品价格的提升将增加农民的收入。同时，个人税也将有所减免。6月的房价下跌了20%)
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