The World Today has been looking at the global economic slowdown from the perspective of several different countries around the world, including China, India, Egypt and the United States.
Taking a look at Europe, the two different kinds of economies in Germany and Britain show how the credit crunch can hit you hard no matter what your strengths have been.
It was only a few months ago that German politicians and business leaders were stating confidently that their country's economy was strong enough to withstand the turmoil on financial markets.
You don't hear that any more.
The German economy's Achilles heel is its reliance on exports, which are down, so that has consequences for the whole economy.
In Britain, where manufacturing makes up a much smaller section of the economy, the main problems are the dominance of the financial sector and an over-inflated housing market.
In his report the BBC's Steve Rosenberg travelled to Hamburg, Europe's second biggest port, to see how Germany is being affected by the global economic downturn, but first the World Today's Mark Whitaker assessed 'UK plc' from the British city of Oxford.
Listen Listen to their reports (17 mins 24 secs)
First broadcast 19 December 2008
