Business surveys and reports by the Bank's regional Agents point to continued severe contraction in the near term.

商业调查和报告银行的区域代理点继续严重紧缩在短期内。

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The troubles in the U.S. housing sector spilled over into global markets last August, causing a severe contraction in credit and billions of dollars in bank losses.

美国房市的困境去年8月蔓延到全球金融市场，造成严重的信贷紧缩和数百亿美元的银行损失。

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The World Trade Organization says the volume of trade -- an estimate adjusted to remove effects of price and currency changes -- will fall 9% this year, the most severe contraction since World War II.

世界贸易组织(WHO)称，经价格和汇率变化因素调整后的贸易量今年将下降9%，这是二战以来最严重的缩减幅度。

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Our analysis suggests that a severe contraction in debt or available credit is a key component in every recession.

FORBES: Double-Dip Yes, But Bullish Just The Same

Unfortunately the cure--a severe contraction of its operations--looks as bad as the disease.

FORBES: Doghouse On Wheels

The risk with such crude measures is that it is easy to overdo things and cause a more severe contraction than intended.

ECONOMIST: China's economy