Swine Flu and the Global Recession

The US Commerce Department released some grim economic news today. The US economy contracted at a 6.1% clip in the first quarter of 2009. Not good news for those who thought the new year might bring an economic up-tick.  But, of course, what’s on everyone’s mind this morning is…swine flu. So, for our Global Economy podcast this week, we thought we’d find out how the two stories are linked. The World’s Matthew Bell begins with a report on how a swine flu pandemic might affect the already shaky global economy. To follow, we interview Michael Osterholm at the Center for Infectious Disease Research and Policy. He’ll flip the question on its head, and look at how the shaky global economy might affect our preparedness for a swine flu pandemic.

Also in this week’s podcast, we’ll take you to Ireland to hear how the once-vaunted Celtic Tiger has lost some of its bite of late. Unemployment is currently running at around 11%, which is twice what it was just a year ago.  In fact, the Irish government recently announced a five year “austerity” program.

Then to Spain, where unemployment is even worse — 17%. So many people are out of work that the Spanish government has recently opened a soup kitchen in a Madrid suburb to help feed those without jobs.

And we end with a report on micro-lending in Cambodia. While many South Asian banks teeter on the brink of insolvency, ACLEDA is thriving. It lends to the poor, at an average of just $500 per loan.