Global Economy Update

| Thu May 21, 2009 1:54 AM EDT

The U.S. economy contracted by more than 6% last quarter, as bad a decline as we've had since World War II.  So how's the rest of the world doing?

On Wednesday, Mexico became the latest country to report a plunge in output. The country's gross domestic product fell at an annualized rate of 21.5% in the first quarter....Mexico's decline followed by a day Japan's report that its economy contracted in the first quarter at a 15.2% clip, its worst performance since 1955. Last week, Germany said its first quarter decline in GDP, an annualized 14.4%, was the worst since 1970.

Holy cow.

Get Mother Jones by Email - Free. Like what you're reading? Get the best of MoJo three times a week.