The panic in world financial markets has led to sharp falls in share prices and led to the contraction of credit markets. BBC News looks at how key indicators around the world have moved as recession fears grow.

Projections for economic growth have been getting more pessimistic as the true nature of the credit crunch becomes clear. To see IMF projections

 World  OECD (rich nations)  USA

Banks and other financial institutions could lose $1 trillion from the credit crisis as mortgage-backed assets have lost most of their value.

Banks have already written off nearly $500bn worth of assets but the IMF points out that they have only been able to raise new capital to cover about two-thirds of those losses, so the likelihood is that they will have to restrict their lending further than they already have done in the last year (See Frozen Credit Markets chart below).

Underlying the financial market wobbles is a real decline in US house prices nationwide for the first time since the 1930s.

Stock markets around the world - from Shanghai to London - have plunged, while in the US the Dow Jones industrial average has made big losses this year.