Word: droppingly
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...quarters of export earnings. The collapse in energy and commodity prices since this summer is exposing Russia's fragility: the boom, it turns out, was built on expensive oil, and precious little else. Economic growth, which averaged more than 7% for the past five years, has tumbled and may drop below 2% next year. And for the first time since the collapse of the Soviet Union in 1991, the threat of large-scale unemployment looms. "Money was falling from the sky in the past two to three years," says Maxim Oreshkin, the head of research at private-sector Rosbank...
...year ago. The strength and popularity of Google's search, Amazon's sales and the sheer number of other Web retail sites have eroded eBay's dominance, making it harder to compete with the same business model that steered the firm through its first 10 years of jaw-dropping growth. Three years ago, eBay boasted 30% more traffic than Amazon, but today its 84.5 million active users scarcely best Amazon's 81 million customers. The troubled economy and weakness in eBay's core business contributed to a 60% drop in market value this year. Amazon's market cap topped eBay...
...only good economic news lately has been the collapse of oil prices. At the beginning of July, just five months ago, the price of a barrel of was more than $140. By the beginning of December, it was down to about $45. That's a drop of more than two-thirds. In the U.S., we consume about 15 million bbl. of crude a day. The saving of $95 per bbl. adds up to more than $500 billion a year. That's big - enough to bail out the auto industry 15 times...
...These days Russia's wealthy can't always get what they want. The country's once soaring economy is in free fall - growth, which has averaged 7% over the past five years, could drop below 2% in 2009, according to economists - and it's taking the rich down with it. Not that long ago, Russia was the poster child for unfettered wealth and freewheeling consumption. Now, with the stock market down more than 70% in the past year and the ruble feeling the strain, the nation's high earners are a little less quick to put their hands in their...
...major driver of the world's fourth-largest economy, fell by 2.2% compared with November, 2006. The result marked the country's first decline in exports in seven years and was a sharp reversal of the double-digit growth rates manufacturers have typically posted in recent years. The drop was "a shock figure," says Ben Simpfendorfer, the Hong Kong-based chief China economist for the Royal Bank of Scotland. "I had expected exports to collapse in the final few months but not to this extent. There really isn't a precedent. It underscores the magnitude of the global slowdown...