According to a report from California on Thursday, foreclosure filing rate rose up to 81 percent comparing to that of 2007. A great number of American homeowners; exceeding than 2.3 million, had to face foreclosure processes. It can be worst as many were going through the process of struggling to hold back the property.

Still, it is predicted in a research by Moody’s Economy.com that the number of houses which will be lost as a foreclosure proceeding will add up another 18 percent. It is also expected that the levels will go down through 2011.

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A plan for economic recovery of EU member states has been proposed by the European Commission. European Commission is urging member states to sign up for this plan that aims to be coordinated across the European bloc by combining tax cuts and targeted investment.

The details about the plan have been unveiled on Wednesday and it may be of 130bn euros that is nearly one percent of EU states’ GDP.

EU has been asked to ease fiscal rules that may help the nations to spend more to strengthen their economies.

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Because of new concerns that the global economy faces an extended downturn, worldwide shares have fallen sharply.

In the US, Dow Jones index closed Tuesday 177 points or 2% down to 8,694 and it was mainly due to poor results overnight from Starbucks.

Continuing fears over General Motors future also hit US investors confidence. Similarly, European and Asian shares also fell.

Oil prices, declining to 20-month lows, also kept falling.

On Tuesday trading, US light crude ended down $3.08 to $59.33 a barrel and it was the lowest price since March 2007. The demand of oil continued to fall due to slowing economy.

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In China, economic growth rate drops for the third quarter in succession and there are fears that the economy may see an intense downturn in the coming days.

According to the National Bureau of Statistics, during the 3rd Q the economy grew at a rate of 9% that was 10.1% down compared to previous quarter.

Li Xiaochao, a spokesman from the National Bureau of Statistics, says in this connection, “The government wasn’t expecting such an intense impact of the global financial crisis.”

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According to a current survey by the World Bank, poverty in the developing countries is more than the previously thought.

This current research is conducted based on the new poverty line of $1.25 per day that has been adjusted according to the current inflationary rate , and the findings are that 1.4 billion people fall in the poverty definition.

The report reviews although the world’s population of the developing countries is growing day by day, yet there is a decline in the poverty rate from 50% to 25% over the past 25 years.

“This is pretty grim analysis coming from the World Bank,”said Elizabeth Stuart, policy advisor at Oxfam.

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The UK economy is feared to move towards recession as the pound value wilts away against dollar in more than two years.

The Pound hits its minimum level and this fall is observed since July2006.

“The growth number confirmed our worst expectations,” said John Hydeskov analyst at Danske bank in Copenhagen.

Also there is rapid fall in the house prices in UK that seems to have no end, he further added.

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