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Well-known companies such as construction equipment manufacturer Caterpillar and electronics giant Philips announced they would be axing thousands of jobs.
Meanwhile, steel firm Corus said it intends to cut around 2,500 jobs in the UK as part of a worldwide cull of 3,500.
A study by the Institute of Directors (IoD) found that UK bosses are pessimistic about the future and have seen a fall in productivity.
Graeme Leach, chief economist and director of policy at the IoD, commented: "We're a long way into the financial crisis, but the economic crisis is only just beginning."
The IoD is the most experienced oragnisation in the world advocating director professionalism and has members in both large firms and small private companies.
