A recent survey showed that the economy of Australia is continuously sliding as a result of the global financial crisis.

According to Westpac and Melbourne Institute, the economic activity of Australia only increased 0.3 percent during the month of March. And only during the first quarter of this year, the activity went down by more than 5 percent!

Experts said that they are expecting a slow growth in the economy of Australia in the following six to nine months. This is the point of view of the senior economist of Westpac, Matthew Hassan.

Australia had a weak foundation in 2009 (considering the index that was read in February). Aside from that, their 2008 also had a negative growth despite the shopping season during December.

The current economy of United States is now obviously weaker compared to its economy decades ago. The rate of jobless people increases every month. United States is now at a high risk for a second recession as soon as Obama’s stimulus act is over.

Even though it is possible that there will be a moderate growth by the fourth quarter of 2009 until the early quarter of 2010, the global credit crunch will still leave the investors, business owners, and the rest of America unwilling to spend or even borrow the way they did few years before the economic recession started. As a result, this would lead to another crisis in the economy.

People might have new hopes about the economy’s improvement but the Economic Policy Institute thinks otherwise.

From the report of Larry Mishel, the president of EPI, this instability in the economy may continue for several more years to come. There will be more and more people who will be unemployed and will cause so much hurt in the financial constancy of the market.

But thanks to the 2009 stimulus package, the unemployment rate will be lower than 10 percent. Without the stimulus funds, it is possible that the rate will reach more than 10 percent or even bigger.

If this happens, many families would not be able to survive the recession. A relief for the current worldwide financial crisis must be found or else more and more people will suffer.

By the time that world experienced the first hit of economic crunch, many analysts and economists thought that it would be the country of China that will feel the toughest hit of the recession in Asia. This is because China gets most of its revenue and depend a big part of their income from exporting products going to the western countries.

But it was not China that is now considered as the Asian country that had the biggest blow from the global economic crisis. Surprisingly, it is Japan – the country in Asia that is considered as the number 1 ally of United States in the said continent.

The GDP of Japan decreased by as much as 16 percent. How did this happen? More than half of the country’s economy relies on manufacturing electronic devices, cars, and alike to other countries including U.S. And because there is a decline in the number of consumers purchasing their products, the production also slowed down as well.

Today, the infamous car manufacturing company already temporarily closed its plants in Japan for 41 days so that they can slash expenses and inventory. Aside from that, Sony is also laying off more than 10,000 employees in the country at the same time.

The analysts as well as the economists from the Merrill Lynch and Bank of America are troubled with the outlook of Australians with the current situation of the economy. They warned people in this country that they should not be complacent with the poor conditions of the economy and that they should be aware of the impact of this worldwide dilemma.

It was not only the analysts who gave warning to the Australians. The OECD or Organization for Economic Cooperation and Development also gave their admonition at the same time. Recently, Australia is showing a decrease in the investments and having a rough time battling over the poor condition of the economy. Yet, they still manage to feel secure with what they have today.

One of the most world-renowned economists today who have won a Nobel Prize is Paul Krugman. Recently, he said in a seminar that the global market has avoided an incoming catastrophe. He also mentioned that it is possible that the industrialized countries may experience economic improvement and growth before the year 2009 ends. Krugman actually expects that this growth may happen within two to three months from now.

It is likely that the United States as well as Europe may start from zero and have gradual positive growth by Q3 to Q4 of 2009. However, the great economist said that he does not agree with the bailout plan of the current administration so that banks and other financial institutions can get more than a trillion of assets.

The world stocks had a dramatic slide during the last week of May. It is the Asian shares that lead the way when the North Korea started the tension through the series of nuclear tests. Because of this, many analysts and economists started to wonder about the future status of the economy.

It was reported that Pyongyang had fired nuclear missiles that can reach only a few miles. The next day, when the second nuclear device was fired, international market started to criticize the action.

Many investors sold their currencies that yield high values that came from the days when they thought that the global crunch was about to end. Most of the countries in Asia including Japan fell by 0.5 percent while the stock market in the South Korea decreased by 2 percent.

People who are living at the southern part of the globe are more confident that the global economic crunch will soon improve and every country will recover. This wasn’t actually their view nine months ago. It was according to the survey conducted by the Winthrop University/ETV.

Those who are living at the Southern states just like the South Carolina said that they are now feeling the improvement of the economy. However, most of them think that they would not have a better job in the next few years.

One of the respondents, Mary Hines, said that more than 3 members of her family are currently looking for work. Jobless people like her are very aggravated with the results of what the Democrats as well as the Republicans had done to the economy.

There is a wide array of foundations that are established in Utah starting from youth activities up to various medical conditions to support less fortunate patients. These charitable institutions are now feeling the effects of the global economic crisis.

As of today, there are more than $130 million worth of funds given to these foundations every year. These funds are used to touch the lives of the beneficiaries in the state of Utah. But experts said that it can be less than that by 2010. As a matter of fact, it can be cut in half by next year.

The foundations in Utah (there are actually more than 400 foundations based in the state) have collected as much as $2 billion.

Recent reports coming from the NESDB or National Economic and Social Development Board in Thailand reveal that the GDO of the country fell down by as much as 7.1 percent during the Q1 of 2009. The CSI or consumer spending index decreased for the first time. The last year that Thailand experienced such dilemma is way back 1997 when almost all of the countries in Asia had a financial turmoil.

During the Q4 of 2008, Thailand is already having a decrease in GDP as it declines more than 4 percent than the preceding quarter. They were only expecting a drop of 2 to 3 percent for the whole year of 2009. But what worries the government even more is that the decrease in the CSI which is 2.6 percent in the Q1 alone.

Will there be a hope for Thailand?