The Meltdown

And the First Country Into Recession Is ... Germany!

Rest of the industrial world not far behind.

If entering a recession were a race, then Germany would be your winner. The German GDP has shrunk for two consecutive quarters, making it officially in recession. The rest of the world’s major industrial nations are not expected to be far behind—the Organization for Economic Cooperation and Development forecast today that all will contract in the fourth quarter. The United States is expected to join Germany in recession when it releases its next report on November 25—its GDP shrank by 0.3 percent in the last quarter. Other Western European countries are supposed to release their numbers on Friday. The O.E.C.D. predicted an overall economic decline for its 30 member countries of 0.3 percent in 2009.