Word: brazile
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Dates: during 2000-2009
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...struggling Europe is bad news for the rest of the world, since more than one-third of all foreign direct investment into countries such as China and Brazil comes from the 27-nation European Union. The E.U. with its 490 million population has also been an ever larger consumer of goods and services from Asia; last year it imported about $1 trillion worth from emerging markets alone, and China is its biggest supplier. With the U.S. economy also expected to drop off, it'll be up to Asia to generate its own growth for a while...
...Africa and Asia. In 2000, much to the chagrin of the communist government there, John Paul II canonized the first saints in China, naming 87 Chinese citizens and 33 foreign missionaries who had died in the country between 1648 and 1930. He also named the first saint from Brazil, home to more Catholics than any other country. Many within the Catholic church disapproved of the mass canonizations, which one critic calling the pope's actions "Vatican marketing decisions...
...rich countries the slump has come at a bad time. As the oil price began rising during the past few years, governments and big oil companies plowed billions into exploring and developing new fields in Russia, Angola, Mexico, Brazil and Saudi Arabia - projects whose costs have more than doubled in the past few years, in part because soaring steel prices drove up drilling equipment costs and oil-rig rentals. Just as global demand has begun to slow, millions more barrels of oil a day from new fields have hit the world market...
...contrarian bets in devastated emerging markets, most memorably in Russia after it defaulted on its debt in 1998. At the time, says Weiss, the entire Russian stock market was valued at about half the price of the U.S. company Home Depot. Now, markets in countries like Russia, China, Vietnam, Brazil and India - all adored by investors until recently - have crashed. But Weiss still isn't ready to plunge in. "I don't think the emerging markets are cheap enough yet," he says. "I don't think people hate them enough...
...What's more, this is no longer an exclusively American crisis. European banks are going under as well. Growth rates in the euro zone and Japan have fallen further than in the U.S. Emerging markets too are suffering. With the exception of Brazil, stock markets in the BRIC economies (Brazil, Russia, India and China) are now down about 40% or more on the year...