Today the revised gross domestic product report came out, and it showed that the United States economy shrank by 0.5 percent in the third quarter. How does this compare to other countries?
A lot of big economies are contracting. The Organization for Economic Cooperation and Development today predicted "the most serious recession since the early 1980s." Here are just some of the developed countries that have been declared to be in a recession and/or whose G.D.P.'s shrank in the third quarter: Japan, Eurozone, Italy, Germany, Spain, United Kingdom, Ireland and Iceland.