Word: booms
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...South China Sea. The alternative is a bumpy Land Rover ride from Bintulu, a coastal oil town three hours away, much of it on a rutted logging road past denuded ocher hills cleared to make way for palm-oil plantations. These have driven the area's economic boom, but also fuelled its cultural decline. (See pictures of Hong Kong...
...Administration. Romer is the head of Obama's Council of Economic Advisers, and Bernstein is the chief economist and economic-policy adviser to Vice President Joe Biden. And the stimulus bill that both economists championed became law in mid-February. What has not come to pass, however, is the boom in job creation that Romer and Bernstein predicted. A little over a month ago, the Administration said the stimulus bill had created or saved 150,000 jobs. That's a far cry from the 3 million to 4 million jobs that Romer and Bernstein foresaw back in January...
...home to less than 2% of its population, is an area of vast oil, mineral and agricultural wealth. Under a decade-old "develop the West" policy, the GDP of the region climbed from $20 billion in 2000 to $44.5 billion in 2006. Many Uighurs feel, however, that the boom has benefited majority Han Chinese, while they've been left out. "If you're Han, there are opportunities. But if you're from my group, there's nothing you can do," says a Uighur man in Urumqi who declined to give his name. "We're all hungry. We go all over...
...dire straits. In the first three months of this year, output fell by 10% compared with a year earlier. The World Bank now expects the economy to contract by around 8% for 2009 as a whole. Traditional industries such as steel are hurting badly. The decade-long consumer boom has turned into a slump as unemployment soars. The government has cash to spend after years of sensible budget policies, but the central bank will be forced to keep interest rates high as long as inflation is stuck in double digits and trust in the ruble remains shaky...
...reversal in Russia's economic fortunes is particularly painful. Since 1998 - the year of Russia's last financial crisis - the economy has expanded eight-fold. As oil prices rocketed, so did the country's self-confidence. Not content with presiding over the economic boom, then President (now Prime Minister) Vladimir Putin vowed to restore his country's great power status. Talk about a partnership with the West gave way to belligerent statements about a new Cold War. In the summer of 2008, Russian tanks trundled into Georgia. In early 2009, a dispute with neighboring Ukraine led Russia...