G 8 leaders face worst economic outlook in at least a decade

Friday, July 4, 2008 : 0930 Hrs RSS Feeds G-8 leaders face worst economic outlook in at least a decade SAPPORO (AP): Between surging oil prices, food inflation and a credit crunch that's depressed global growth, leaders from the Group of Eight economic powers face the gravest combination of economic woes in at least a decade when they gather next week. The outlook has darkened dramatically since last year's summit in Germany, when the leaders declared the global economy was in ``good condition'' and oil cost US$70 a barrel _ which seemed high at the time. Since then, the U.S. subprime mortgage crisis has erupted, roiling markets and battering financial firms. Oil has doubled to above US$140 and food prices have jumped, hurting the poor in particular and raising the threat of political instability. ``Things have changed for... [read full story]