1.Despite major stimulus packages announced by advanced economies and several emerging markets, trade volumes have shrunk rapidly, while production and employment data suggest that global activity continues to contract in the first quarter of 2009, the IMF says in a new assessment of the global economy. Advanced Economies to Contract Sharply in 09, Upturn Next Year–IMF

2.The economic recession and financial crisis have a ‘devastating’ effect on the automotive industry with serious implications for the wider economy.“The crisis is devastating” — Global Insight Research

3.As the banking industry descends into ever-deeper gloom, the more ethical, risk-sharing approach offered by the Islamic finance industry is attracting an increasing amount of attention. The Banker’s Top 500 Islamic Financial Institutions ranking lists the sector’s key players.Top 500 Islamic Financial Institutions

4.Photo -An auto elevator lifts a Volkswagen to its appointed parking space in the VW Autostadt “car tower” in Wolfsburg, Germany.

1.With unemployment soaring, many European Union countries want the migrant workers they once attracted to go home as quickly as possible. They are sparing no expense or effort to encourage them to leave. Europe Falls Out of Love with Labor Migration

2. Interactive Map: How is the economic crisis affecting the European Union? This map shows the figures for all the member states by year and quarter and let’s you compare budget deficit, unemployment rate, national debt and economic contraction. Economic crisis in European Union

3. Housing Starts: Is this the Bottom? -The title to this post would have been laughable in 2008 or 2007, but as I noted in Looking for the Sun, there is a reasonable chance housing starts will bottom sometime this year – so I suppose it is not too early to start looking.

4.The International Monetary Fund has predicted that the downturn in the UK will be deeper than anyone previously feared – and that it will last through 2010. IMF: UK recession ‘will be worst of all’

5.Lower debt levels and comparatively low rates of bad loans mean that even the poorer Latin American countries are faring better than their developed counterparts when it comes to exposure to the financial crisis. Latam rides high as debt remains low

1.Ghost Town: An American Nightmare – Wilmington, a small town in America’s Midwestern rust belt, was home to the world’s largest private airport. Then recession struck. Olivia Fincato reports.Wilmington, a small town in America’s Midwestern rust belt, was home to the world’s largest private airport. Then recession struck.

2. The global financial crisis slashed the value of financial assets worldwide by a massive $50 trillion last year, with developing Asia suffering more than other emerging market regions.Global Market Losses Reach $50 Trillion

3.As the global economic downturn worsens, the industrialized nations are at odds over how to fight the crisis. Obama wants the Europeans to introduce additional stimulus programs, but Merkel insists Germany is already doing enough. America Is from Mars, Europe Is from Venus

4.The world economy faces the biggest rise in unemployment in decades. How governments react will shape labour markets for years to come. When jobs disappear

5.Companies struggle as cargo transport demand sinks so soon after a remarkable boom period. Shipping industry left with an empty feeling