Unit 2: The worldwide nature of the current recession

Various reports of shrinking economies all over the world

Ireland http://news.bbc.co.uk/1/hi/business/7965664.stm
and http://news.bbc.co.uk/1/hi/business/7976734.stm
Japan http://news.bbc.co.uk/1/hi/business/7967315.stm
and http://news.bbc.co.uk/1/hi/business/7973409.stm
New Zealand http://news.bbc.co.uk/1/hi/world/asia-pacific/7967326.stm
USA http://news.bbc.co.uk/1/hi/business/7965791.stm
Germany http://news.bbc.co.uk/1/hi/business/7973708.stm

a) Are the factors causing the recession the same in each country the same? Think in terms of the components of aggregate demand