Prague - The current Czech presidency of the European Union has called for a common approach to the financial and economic crisis from EU members, ahead of a special union summit in Brussels on Sunday.
Czech Prime Minister Mirek Topolanek said in a statement from Prague on Saturday that "We do not want any new dividing lines; we do not want a Europe divided along a North-South or an East-West line."
Several Eastern European economies appear to be faring even worse than recession-hit western European states, in the face of rapidly weakening exchange rates and large current account deficits.
JDA earmarks funds for roads, sanitation, water supply lines and electrification
The Jaipur Development Authority (JDA) will spend Rs45 crore to improve basic infrastructure like roads, sanitation, electrification, water supply lines and plantation in several areas falling under its jurisdiction. In a meeting on Friday, the Project Works Committee (PWC) of the authority gave its nod to the proposal and issued directions to study the viability of a policy for sustained development of various areas.
Implicitly, economic performance is slated to improve during the final quarter
The overall pace of economic growth decelerated to a lacklustre 5.5% during the fiscal third quarter from 8.9% a year ago and 7.6% the preceding quarter.
The decline follows a sharp plunge in the real gross domestic product (GDP) originating from the secondary sector and an absolute decline in thecontribution from the primary sector, which could not be offset by a robust showing of the tertiary segment.
Implicitly, economic performance is slated to improve during the final quarter
The overall pace of economic growth decelerated to a lacklustre 5.5% during the fiscal third quarter from 8.9% a year ago and 7.6% the preceding quarter.
The decline follows a sharp plunge in the real gross domestic product (GDP) originating from the secondary sector and an absolute decline in thecontribution from the primary sector, which could not be offset by a robust showing of the tertiary segment.
Prague - Since headlines began asking whether Eastern Europe is like an "Argentina on the Danube", those of the region's countries that are in better financial shape have contested that grim image.
A flurry of reports describing Eastern Europe as "the eye of the next financial storm" have included the Czech Republic and Poland despite their economies being seen as capable of weathering the downturn with less damage than some of their neighbours.
As the bad news spreads, traders in far-away financial hubs have been shedding the Czech koruna and Polish zloty alongside currencies in region's troubled spots such as Hungary and Latvia.
Washington - The US economy shrank by 6.2 per cent in the final quarter of 2008, far worse than initially estimated and the worst fourth-quarter showing by the country since the recession of 1982, the US Commerce Department said Friday.
The annualized figure was revised from an earlier estimate of an only 3.8-per-cent drop and underscored the severity of the recession in the US economy. Most economists are expecting a similar contraction in the first three months of 2009.
Prague - The current Czech presidency of the European Union has called for a common approach to the financial and economic crisis from EU members, ahead of a special union summit in Brussels on Sunday.
Washington - The US economy shrank by 6.2 per cent in the final quarter of 2008, far worse than initially estimated and the worst fourth-quarter showing by the country since the recession of 1982, the US Commerce Department said Friday.
