Word: asia
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Dates: during 2000-2009
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...With history books replete with tales of V-shaped recoveries following steep downturns, financial markets have become giddy, hoping that signs of bottoming beget the long-awaited rebound. Nowhere is that more evident than in Asia, an increasingly China-centric region convinced it will lead the world out of its long nightmare...
...were only that easy. Contrary to the lore of the "Asia century," the region continues to suffer from a lack of internal support from its 3.5 billion consumers. The private-consumption share of developing Asia's overall GDP fell to a record low of 47% in 2008 - down from 55% as recently as 2001. In other words, Asia remains an export machine. Developing Asia's export share rose from 36% of pan-regional GDP during the financial crisis of 1997-98 to a record 47% in 2007. And recent research by the International Monetary Fund shows that Asian exports continue...
...Little wonder that in the aftermath of a record contraction in U.S. consumer spending in late 2008 - 4% average annualized declines in the final two quarters of the year in real terms - every major economy in Asia either slowed sharply or tumbled into deep recession. More than ever, the region's fate remains made in America...
...This is where hopes of an Asia-led rebound are most tenuous. After a dozen years of excess, the overextended American consumer is tapped out. The "green shoots" crowd - those believing global recovery is nigh - drew special encouragement from a 2.2% rebound in real U.S. consumer expenditure in the first quarter of 2009. That encouragement is about to be dashed. Outright contractions in retail sales in March and April point to a renewed decline of at least 1% in real consumption in the current quarter...
...squads themselves were a picture of contrasts. The Iranians have been long considered one of Asia's more talented and enigmatic outfits, a team that likes to play an attractive and skillful game of neat touches and quick passing. They boast a number of flashy stars who ply their trade in some of Europe's elite football leagues. In the past, Iran's mullahs have issued fatwas chastising national team players for growing their hair long. Still, there were plenty of flowing locks on Iranian heads in Pyongyang; the team commands such adulation from the country's football faithful that...