Most developed economies started to contract from mid-2008, and the International Monetary Fund’s (IMF) latest published projections indicate that, as a group, they would contract by 3,4 per cent in 2009. Individually, some countries face even worse scenarios: Japan is expected to contract by 5,4 per cent, and Germany by 5,3 per cent in 2009.
the question of whether all countries abide by the same rules and standards. This is evident at global level in relation to accusations of currency manipulation or dumping practices, or in fears of a “race to the bottom” in terms of environmental and social standards. Similar worries have emerged within Europe in relation to free movement of people and posted workers.