PDF document available at:

Global financial markets experienced a new wave of gyration in February as a result of heightened uncertainty about the viability of banks in major developed countries and intensified financial stresses in Central and Eastern Europe. At the same time, the adverse impact of the global financial crisis on economic activity continued to deepen, with a number of economies, including Japan, registering a more than 10 per cent (annualized) decline of GDP in the fourth quarter of 2008. Unemployment is escalating worldwide, accompanied by an increased number of reported incidents of social unrest, such as strikes and demonstrations. Meanwhile, many countries are seeing a rapid deterioration in their government revenues.