Word: gdp
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...ended in 2002. But a corrupt and inept ruling party that has neglected to spread the wealth or diversify the economy means that when the good times end, as they now have, the effects are severe. Ricardo Gazel, the World Bank's representative in Angola, says Angola's GDP is likely to fall by anything from 17% to 23% in 2009. (Read: "World Bank: Crisis Hits Developing Nations Harder...
...June, leaders of the four BRICs even held their first summit meeting. But Russia, a resource-rich land with an otherwise feeble economy and a shrinking population, is in a different boat from its BRIC brethren. It's having a horrible year, with the World Bank predicting that its GDP will contract 7.9%, worse than that of any other top-15 economy...
...Japan have been hit harder by the downturn than the U.S. has, and they have aging, slow-growing populations unlikely to ignite consumer booms. That leaves the BICs as pretty much the only remaining candidates. These economies are still too small to take up all the slack: together their GDP amounts to less than half that of the U.S. But they are expanding rapidly. Yes, their ascent spells relative economic decline for the U.S. The faster it happens, though, the sooner a durable global economic recovery will get under way. Go BICs...
Also weighing on the dollar: investor concerns that to balance a budget deficit expected to swell this fiscal year to $1.85 trillion - equal to 13% of the country's GDP, a level not seen since World War II - the Federal Reserve could simply resort to printing more money, further flooding the markets with dollars. While the central bank said on June 24 that it had no plans to expand its purchase of government or mortgage bonds beyond the $1.2 trillion earmarked for the purpose in March, not everyone is convinced. "There is always the nagging concern that if this...
...risk could be reduced if U.S. consumer demand for Japanese products began to strengthen, or if the government introduced additional stimulus spending. Due to budget constraints, says Shirakawa, the latter is unlikely. Japan currently spends 4% of GDP, an unusually high ratio for a developed country, to service its burgeoning debt. But a pickup in consumption is possible, he says. The savings rate in the U.S. has increased in the past few months, and consumers may be feeling more confident that they can now spend a little more. That could provide some relief to Japan's battered export sector; Japanese...