And the result is a global slump that leaves everyone worse off.
But just as that slump shows up in the economic statistics, more forward-looking evidence points to a rebound.
If America's slump deepens, it might trigger a reassessment in Europe's property hotspots, particularly as tighter credit markets start to price out the more speculative investor.
A closer look at the Numbers reveals that in most countries imports have fallen by even more than exports, and that weaker domestic demand explains a larger part of the slump.
For the past18 months, the fund has warned of a disorderly unwinding of these imbalances, involving a slump in the US dollar, much higher global interest rates and a global recession, risking chaos in financial markets and a resurgence of protectionism.
Germany is not alone in suffering a manufacturing slump.
But more important was the resurgence in consumer spending, which accounted for half of post-slump growth, on average.
I could feel the sag and slump of their bodies when they leaned against a rail, heard their shoes creak as the muscles tightened for the embrace.
(AFP report from Washington D.C.) There is an important report showing a dramatic economic slump in a series of references with different comments. Analysts said that it puts US economic recovery momentum in question.
The price of electronic products slump recently.
Meanwhile, Japan’s economy is still poised precariously between recovery and renewed slump.
A particular concern is that the recent resurgence at the euro zone's core could portend a protracted slump at its periphery.
Do you perceive a tension between using Keynesian methods to recover from the slump and not pushing the debt too far, or do you advocate doing the maximum possible intervention.
Given the size of the slump, a temporary increase in the budget deficit is justifiable.
Although Luxembourg, like all EU members, has suffered from the global economic slump, the country enjoys an extraordinarily high standard of living.
But always remember: this slump can be cured.
That will play an important role in Beijing's efforts to stimulate domestic consumption to offset the global demand slump.
Some donors are concerned the area may see an economic slump after the reconstruction jobs disappear.
The gap narrowed because of a prolonged slump in mainland stock markets until 2005 but has returned with gusto after a rapid improvement in investor sentiment towards the Shanghai exchange.
In a slump there is no natural tendency for the rate of interest to fall, because people's desire to hoard money is increasing.
Sit up straight. Don't slump!
The province, which produces nearly a third of mainland exports, has been badly hit by the global slump.
The Japanese people have gradually cut this rate to 2pc, cushioning the effects of the long slump.
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