Word: booming
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...years old or younger, and they'll be entering the workforce in droves over the next two decades. Hundreds of NGOs are already busy trying to fix Cambodia, and about 20% of the government's total budget still comes from foreign aid. The prospect of a tourism boom coupled with the start of domestic oil production offers the tantalizing possibility of a more independent way forward. With foreign aid, "you'll always be living according to somebody else's rules," says Rithivit Tep, director of the private-equity firm that owns Kep's Thomas villa and development rights...
These and other potential risks were among the topics of discussion in a May 20 debate in Sharm el-Sheikh, Egypt, on the subject of what could derail the Gulf boom. The session was co-hosted by TIME and the World Economic Forum on the Middle East. For all of the panelists, political stability was a fundamental concern. Citing the war in Iraq, the turmoil in Lebanon and the failure to achieve peace in Israel, Mohammed Shafik Gabr, chairman of Egypt's Artoc Group for Investment & Development, warned that "things are not getting any better" in the broader region...
Another key to sustaining the boom is to diversify the Gulf's economy so it's not so narrowly dependent on high energy prices. In the U.A.E., for example, as much as 40% of the country's GDP comes from the production of oil and natural gas. Of course, it's hard to find people these days who think the price of oil is set to plunge, but a deep recession in the developed world - led by the gas-guzzling U.S. - could lessen demand and drive the price down more sharply than many expect...
...lite academies to the masses: in 1947, veterans made up almost half the nation's college students. It also offered low-interest, no-money-down mortgages, backed by the U.S. government, that allowed millions of families to purchase their first homes. The move helped spark the postwar baby boom and the suburbanization of America in the 1950s: it effectively created the American middle class...
...America," there would be no reason to fund bloated federal bureaucracies to pursue tax scofflaws. Every person would pay 23% on every new car, suit, pair of shoes, radio or home. In return, individuals and companies would pay no income tax. With no disincentives to earning more, investment would boom. The stronger dollar would also deflate the price of oil, killing two birds with one stone. John P. Kuchta Jr., VIRGINIA BEACH...