Word: gdp
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...reason for their angst is clear: A property meltdown in China would imperil the whole world's fledgling economic recovery. Throughout the most severe global downturn in decades, China's economic growth has remained remarkably buoyant. This year, for example, China's GDP will likely rise 9% or more, in contrast to a merely subpar rebound in the U.S. and Europe...
...developed world. But by looking at Japan, we can get a good idea of the damage it can do. Unwilling to make hard choices, the government simply threw taxpayer money around, attempting to keep people employed without fundamentally changing the economy. The result is government debt approaching 200% of GDP. Overly protected at home, Japan Inc. has missed out on the globalization game; its companies, unable to adapt to a changing world, are losing global market share to more nimble competitors. The nation that once led the way toward prosperity in Asia is sitting by while its influence is being...
...China is the third biggest consumer of American goods, after Canada and Mexico. The No. 4 spot belongs to the Association of Southeast Asian Nations (ASEAN), the 10-nation bloc that was founded, with American prodding, as a bulwark against communism in the 1960s. China's economic resilience (8.7% GDP growth in 2009) helped the U.S. and other developed nations avoid even worse pain from the global financial crisis. The only other major economies that posted decent growth in an otherwise dismal year? India and Indonesia. Asia, in other words, thinks it is shoring up the global economy...
...nostalgic sense of its place in the world as a top-tier global economic power. It's still the world's sixth largest economy, but other numbers are not so flattering. Britain's budget deficit - ?178 billion, according to the Treasury - is the largest as a proportion of GDP among G-7 nations. Unemployment stands at 2.46 million, a rate of 7.8%. That's not as bad as some pundits predicted, but the ranks of the long-term unemployed have swelled to levels not seen since 1997, and the number of people working part time because they're unable...
...Papandreou is certainly raising the stakes. Greece's public finances are in a parlous state, and Papandreou says the government must refinance a large chunk of its fast-growing debt - conservatively estimated at 125% of GDP - or risk defaulting on its loans. He wants E.U. leaders to agree once and for all on a financial safety net for his country when they meet for a summit in Brussels on Thursday and Friday. If the E.U. can't come to terms on a rescue plan, he says, Greece will be forced to turn to the International Monetary Fund (IMF) - a move...