World economies limp toward Xmas

The world's economies limped toward Christmas yesterday, with Britain contracting more sharply than first thought, New Zealand's recession deepening and a sharp US decline.

US GDP figures showed a 0.5 percent slide by the world's biggest economy, more evidence that global stimulus measures, bank bailouts and interest rates heading for zero may not prevent the worst downturn in decades.

The British economy shrank by 0.6 percent in the third quarter, revised data showed, the worst quarterly decline since 1990 and worse also than the earlier 0.5 percent estimate.