Word: creditably
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...sentiment that many share, and not just around Easter. While the credit crisis has slowed down sales of everything from cars to organic groceries, people seem happy to keep shelling out for chocolate. Last year, as the global recession was gaining ground, Swiss chocolate makers bucked the trend with record sales - nearly 185,000 tons, an increase of 2% over 2007, sold domestically and in 140 export markets. And while figures for the first quarter of this year are not available yet, "so far we have heard positive and optimistic reports from chocolate companies," says Franz Schmid, managing director...
...Economists generally see the stimulus package as a positive. But some warn that it might not go far enough in generating domestic demand. Shinichi Ichikawa, chief strategist at Credit Suisse Tokyo, says that the government has failed to articulate "a philosophy to change the Japanese economic structure." The program doesn't do enough to reform the economy so that consumers will save less and spend more on a permanent basis, he says, which means growth will remain overly reliant on the performance of a handful of top companies such as Toyota Motor, the world's largest automaker. "I think...
Some China-watchers see a light at the end of the tunnel for the country's faltering economy. These optimists note that there are mounting signs that the government's stimulus efforts - and in particular the flood of credit unleashed by the Central Bank last November - are beginning to have an impact...
...realizes that among consumers "household savings are high (and their consumption low) because of structural factors" says Roubini in his report, citing such factors as the lack of adequate health care and unemployment benefits, poor rural infrastructure and public services, lack of a proper social security system, and underdeveloped credit markets for mortgage and consumer finance. These all conspire to place an almost insurmountable drag on the government's efforts to get its consumers to open their wallets. Domestic consumption accounts for about one-third of China's GDP, compared with around...
...That situation can be changed over time with appropriate policies, Roubini notes, but the government has been "woefully slow" to implement them. In the months ahead, China's economy will instead be driven by the government's $585 billion stimulus spending program and easy credit. This may prove to be enough to stave off a major economic contraction, but government measures alone will not rekindle high growth rates...