PARIS (AFP) – European and Japanese officials on Monday warned the global downturn would worsen despite hopes that US president-elect Barack Obama could galvanise the world's largest economy with a new stimulus plan.
Fresh reports out on Monday also painted a gloomy picture, with Japanannouncing its worst car sales since 1974 and the iconic Irish china and crystal maker Waterford Wedgwood saying it was on the verge of bankruptcy.
Economic uncertainty means "it's quite possible that the recovery won't start until the beginning of 2010," European Central Bank vice president Lucas Papademos told German weekly WirtschaftsWoche in an interview published Monday.
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