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Indian Exporters lay-off 65,000 employees
Despite the administrations pleas there have been lay-offs..expect this to accelerate.

There are so many articles on global growth depending on Asia; so I went looking for corroborating evidence…it turns out that the “engine of growth” is sputtering. China GDP growth will halve and still represent 80% of global GDP growth in 2009. However, there is nothing to suggest that Asia is suddenly going to become a monothic group of consumers.

On the contrary, the news is dreary. Here is a potpourri of news articles/blogs on China in the past few days; the titles are descriptive enough:

China joins U.S., Japan with shrinking oil demand

Negative Q4 2008 GDP in China

IMF sees Chinese growth halved as downturn spreads

Chinese Electrical Output Fell 9.6% in November

China To Print Money To Combat Deep Slowdown

As China economy brakes, oil demand goes in reverse

China Data sparks Deflation worries

China’s exports fall for first time in seven years

Global Trade is shrinking fast