LONDON/TOKYO (Reuters) – Germany has fallen into recession and China's industry output growth waned to its weakest in seven years, data showed on Thursday, reinforcing evidence the financial crisis is plunging the world into a painful downturn.
Seeking to limit the fallout from a crisis that began when the U.S. housing market collapsed more than a year ago, Japan said it would offer up to $100 billion to the International Monetary Fund (IMF) for emerging economies.
The impact of the worst financial conditions in 80 years was felt sharply in Germany, Europe's largest economy, where the economy contracted by 0.5 percent in the third quarter, putting it in recession for the first time in five years.
The decline -- much sharper than the 0.2 percent forecast -- was accentuated by German export growth grinding to a halt.
"We are going to have to face up to a very difficult and long-lasting economic crisis," Germany's Deputy Economy Minister Walther Otremba told Reuters.
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