Word: economist
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...crisis in better shape than their badly bruised neighbor. The gulf region is poised not only to recover from the global slump this year, but could become the second most important center of world economic growth after the economies of east and south Asia, according to John Sfakianakis, chief economist for Banque Saudi Fransi in Riyadh and Crédit Agricole in Paris. "The world has always been too focused on Dubai, but Dubai is not the GCC," he says, referring to the Gulf Cooperation Council, a loose political and economic union of gulf nations. "In the short term, Dubai...
...royal family, especially the crown prince, Sheik Hamdan. But without oil money of its own, Dubai has little choice but to listen to its foreign creditors and stakeholders. And wealthy as they are, the leaders of the gulf countries also know their societies have to eventually change too, says economist Sfakianakis. Oil generates wealth, but the oil industry doesn't generate many jobs. Even in rich Saudi Arabia, unemployment is officially 11.6% - and that's among men only. Some 65% of the population in the broader Middle East is younger than 30. For the region's governments to create jobs...
...people, almost 850,000 workers are employed by the state, which means they receive 14 monthly paychecks instead of 12. Many enjoy a work day that runs from 7:30 a.m. to 2:30 p.m. "The state must change the mentality of the public employee," says one investor and economist, Timos Mellisaris, who calls Greece's public sector "the last communist frontier." Greeks like to point out that the state started to put on serious weight in the early 1980s when the current Prime Minister's father Andreas, who would dominate Greek politics for the next 15 years, first swept...
...billion, and an additional 6% bump is expected for last year, according to Pembroke Consulting, a Philadelphia distribution and manufacturing consultancy. Plus, an aging population and reform will be extra boons. "In theory, more insured people should mean more drug utilization," says Adam J. Fein, an economist and the founder of Pembroke. "That means more money in the pockets of wholesalers...
...members of the single currency. Frugal Germany, the E.U.'s traditional paymaster, was understandably reluctant to commit to underwrite any rescue pledge before securing a cast-iron commitment from Athens that it would put its finances in order. Earlier in the day, Otmar Issing, the German former chief economist of the European Central Bank, said the Greeks enjoyed "one of the most luxurious pensions systems in the world" and that it was unreasonable to expect German taxpayers to fund it. Merkel's message of support included a hint of steel. Greece "will not be left on its own, but there...