Word: exporters
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...million jobs and as much as $597 billion in domestic demand over the next three years, with additional gains though 2010. The country's leaders are beginning to realize Japan is on the wrong path. Its flagship manufacturing giants have been pummeled by the crash in worldwide consumer demand. Exports fell by nearly 50% year-over-year in January and February; the economy as a whole is expected to shrink by 6.6% in 2009. "Japan must reinvent its export-driven growth model," Aso said Thursday...
...that if this was a purely capitalist system, [lending] would be slowing," Wood says. Stimulus spending over the next three months will continue to boost economic activity, Wood says, but the impact will start to wear off later in the year. Absent a recovery in China's hugely important export sector, "the bigger risk in China is of a 'W' shaped outcome," Wood says. In other words, after a brief, stimulus-driven spike, the economy will resume its downward track later in the year. Inevitably, growth will return. But Wood says a second downturn could be perilous and deep...
...better help stricken countries in the developing world - as well as others, like Mexico, who are nervous that their economy could be swept up in the global turmoil through no fault of their own. The leaders also agreed to provide an additional $250 billion in guarantees for export credits and other trade finance, which have dried up in the past few months and led to a drastic drop in global commerce. The size of these packages, plus agreement on new credit facilities from the World Bank and other multilateral lending agencies, was warmly welcomed by representatives from developing countries - including...
...Shiladitya Chatterjee, an economist at the Asian Development Bank in Manila, says governments need to thrash out a regional system to deal with migrant grievances and to help stranded, indebted workers. "Asia only recently woke up to the importance of this invisible export," says Chatterjee about foreign workers. "There must be better regional cooperation...
...many Merkel critics say Germany needs to act now. Merkel's wait-and-see policy just isn't working, they argue. Economists now predict that Germany's export-dependent economy will contract by a record 7% this year. And the latest data from the European Central Bank show that despite the stimulus packages and bailouts across Europe, the region's banks still are not lending money. The volume of lending to the private sector in the eurozone, the 16 countries that use the common European currency, dropped 0.1% in February from the month before and lending to businesses also slipped...