Originally published by the Voice of America (www.voanews.com). Voice of America is funded by the US Federal Government and content it exclusively produces is in the public domain. December 9, 2008 Sony Announces Job Cuts; Economic Crisis Worsens ------------------------------------------------ http://enews.voanews.com/t?ctl=20EC2B6:A6F02AD83191E160526F2010EB4B9B7F98CBE7246176B735& Electronics manufacturer will cut 8,000 jobs worldwide; analysts expect US recession to get worse Sony Chief Executive Howard Stringer (file photo)The latest symptoms of the global economic slowdown are hitting wealthy nations like Japan and poor nations struggling to feed their people. Japan's Sony Corporation is cutting 8,000 jobs worldwide - about 5 percent of its workforce for electronics. The company will also shut down about 10 percent of its manufacturing plants. The news comes as Japan announced Tuesday that it had fallen into a deeper recession in the third quarter than first thought. Economic woes causing more hardship for poor nations The global economic crisis is also hurting people in poor nations. The U.N. Food and Agriculture Organization says the slowdown has added to the problems of people already hurt by soaring food prices earlier this year. The FAO says 40 million more people have been added to the ranks of the hungry and malnourished. But relatively wealthier air travelers are also feeling the economic pinch. The International Air Transport Association says the global aviation industry faces the worst revenue environment in 50 years and is expected to lose $2.5 billion next year. Oil prices rebound Crude oil prices rebounded in New York trading, as investors appeared to be encouraged that the many efforts to stimulate the economy may begin to work and boost demand for energy. Prices were also strengthened by word that the Organization of Petroleum Exporting Countries may cut output soon. But the influential Paris-based Organization for Economic Cooperation and Development warned Tuesday, that the world's largest economy - the United States - will probably get worse before it gets better. US recession expected to worsen The group praised Washington's stimulus efforts and interest rate cuts, but said the government should inject more money into the economy and reform the U.S. health care system. Meantime, in Germany Tuesday, the closely-watched ZEW survey of investor confidence showed an unexpected improvement in December. Confidence was boosted by interest rate cuts and state efforts to aid Europe's biggest economy. Also, Germany's trade surplus grew in October, but the outlook for exports remains bleak, due to a sharp decline in orders for German goods. Some information for this report was provided by AFP, AP and Reuters.