The UK economy shrank by 0.3% in the last quarter of 2012, with fears of another contraction in the first quarter of 2013.

BBC: Budget 2013: Bank of England gets new orders

Portugal's economy is projected to have shrunk 3% this year, and another contraction of at least 1% is expected next year, making it the third year of recession.

BBC: Portugal set for major tax rises as 2013 budget hits

Another contraction of 6.7% is expected for 2012.

FORBES: Austerity In Greece? Sure, And There's Snow In Mykonos Too

My view continues to be that the economy will encounter another sharp contraction.

FORBES: Danger Ahead

Ernst and Young sees slowing exports ahead with another 1 percent contraction in consumer spending in 2013 with a bounce not taking hold until 2014.

FORBES: Green Shoots Emerging In Irish Economy--Or Just Bottom Feeding?

But the region is still in line for another quarter of recession with further contraction likely in early 2013, according to Markit, who produced the survey.

BBC: Eurozone recession to continue into 2013, survey suggests

Of these balloons, 44 popped badly (resulting in a banking crisis, currency crisis or both) and another 13 very badly, with a 9% contraction of GDP on average.

ECONOMIST: Emerging markets

Another eurozone heavyweight economy, France, is also set for contraction, following three consecutive quarters of zero growth.

BBC: Italy recession deeper than first estimated

In another recent report, that stretches more widely, the IMF ( PDF) looks at local contraction globally with a compact review of recent literature.

FORBES: The Still Shrinking Local Governments

Although the surge in bank lending may temporarily cushion the impact of the global contraction on China's economy and employment, it will almost certainly lead to another surge in nonperforming loans.

WSJ: China's Consumption Conundrum