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Even as leaders of the 20 richest nations met in Washington at the weekend to try to restore confidence to battered world economies, fallout from the credit crisis continued to spread.
In the United States, the tech sector is the latest to feel the crunch, as a report predicts the industry will shed 180,000 jobs this year - the worst level of layoffs since the tailend of the tech wreck in 2003.
The report did not include the 6000 jobs that Sun Microsystems said it will have to shed as sales of its high-end computer servers collapse.
On Wall Street share markets fell again on Friday, and credit markets - which have been easing for the past three weeks - showed signs of renewed tightening.
The European Union confirmed all of the 15 member countries using the euro currency are now in recession.
Hong Kong's economy was also declared in recession - for the first time in five years.
If the fresh bad news put extra pressure on the Group of 20 meeting to provide some new stimulus, it was not reflected in any specific detail or resolutions after the five-hour summit.
In a statement, the G20 urged a "broader policy response" to spur growth, including potential interest-rate cuts and fiscal stimulus.
The group set a March 31 deadline for recommendations on tightening accounting standards, strengthening derivatives markets and increasing oversight of hedge funds and debt-rating firms.
"We are determined to enhance our co-operation and work together to restore global growth and achieve needed reforms in the world's financial systems," the statement said.
Government spending plans to boost growth were needed with "rapid effect", but the group did not commit to a co-ordinated push. Differences were apparent over how to regulate the financial industry, in areas including hedge funds.
Leaders tasked their finance ministers with reviewing accounting standards, colleges of supervisors for major global banks, standards for credit rating agencies and limits on pay.
The G20 did pledge not to erect new trade barriers and also guaranteed more resources for the International Monetary Fund.
French President Nicolas Sarkozy said the next meeting would probably take place in London as Britain assumes the presidency of the G20 next year.
It remains to be seen whether enough was done to impress investors and restore confidence to shaky global markets.
With fears that the tech sector is starting to feel the slowdown - as consumers and businesses opt not to upgrade their technology this year - the IT heavy Nasdaq index dropped 5 per cent while the Dow Jones shed 3.8 per cent on Friday.
Challenger, Gray & Christmas, a Chicago-based global consulting firm which tracks job-cut announcements, said telecommunications, electronics and computer-industry companies had cut 140,422 jobs through October 31. It predicted the total would hit 180,000 by the end of the year.
It said 69,654 tech-sector jobs had been cut in the third quarter of this year alone. That did not include major layoffs announced since October 31 such as the 5000 to 6000 job cuts at Sun Microsystems on Friday. Sun said it planned to cut up to 18 per cent of its global work force.
"The tech sector is simply the latest victim in this downturn that began last year with the collapse of the housing market, and quickly spread to the financial markets," chief executive John Challenger said."
The 180,000 job cuts in the tech sector would be the most since 2003 but would still be far fewer than the 695,581 jobs lost in 2001, with the bursting of the dot-com bubble.
CRUNCH ROLLS ON
* A new report says the US tech sector will shed 180,000 jobs this year - the most losses it has seen since 2003.
* On Wall St, the technology-heavy Nasdaq share index falls 5 per cent in a day as Sun Microsystems cuts 6000 workers.
* Recession is declared official for the 15 euro-currency nations and Hong Kong.
* G20 leaders meet in Washington and promise more co-ordinated action but offer little immediate detail. They agree to meet again by March 31 next year.
