Word: gdp
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...voters have been spooked by the enormous deficits Washington is running up as it tries to right the economy. In 2009 alone, the U.S. government will take on debt equal to about 13% of its economic output, and by 2016 the U.S. debt is projected to top 70% of GDP, twice the 2000 level. Poll after poll has shown a steady erosion of confidence in the stimulus measure; one survey found that 45% of voters believe it should be abandoned midstream...
...thread that binds them is the China story. The Organization for Economic Cooperation and Development recently revised its GDP growth forecasts for the country from 6.3% to 7.7% in 2009 and from 8.5% to 9.3% in 2010, on the back of government stimulus spending that appears to be making up for a steep drop in exports. The World Bank has also raised its 2009 forecast from 6.5% to 7.2%, and projects that China will replace Japan as the world's second largest economy in two years. (See 10 things to do in Shanghai...
...billion stimulus spending is meant for green initiatives: $2 billion to support lithium-ion batteries and hybrid electric systems, $800 million for a biomass program, $400 million to add electric technologies to vehicles and $400 million for geothermal technologies. But with public debt now equal to 82% of GDP and the budget deficit forecast to hit $1.4 trillion next year, the U.S. is in no position to spend more...
...under General Ayub Khan might have been justified under the circumstances, but having tasted power, the army went on to undermine the authority of elected governments and attain a privileged position in the country. Portraying India as the permanent enemy justified the allocation of a huge percentage of national GDP for defence. The army, particularly during the period of General Zia ul-Haq, also engaged in systematic Islamization of the state by bringing in the Wahabi concept of Islam from Saudi Arabia and discarding the more gentle type of Islam as it had grown up and was practiced...
...over the years seen many of its able-bodied men leave to work in the more prosperous cities of Russia and oil-rich Kazakhstan - at least a tenth of the Tajik population of 7 million is migrant labor. Remittances sent home comprise some 40% of the country's total GDP, according to UN figures, and account for only slightly less in Uzbekistan and Kyrgyzstan. Now, with the collapse of the Russian economy and the drying up of its construction boom, tens of thousands are returning to rugged homelands that offer few opportunities and to families that depended on their labor...