Word: gdp
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...next big test is likely to come in Britain, which will release a report next week into looking at the country's digital future. According to the report the Brits owe more of their GDP to creative industries than those in the U.S., Canada, France and Australia, making it more susceptible to the losses from file sharing. An interim report, released in January, put forward proposals for a Rights Agency to help deal with the difficulties of copyright in the digital age and set out a plan for illegal downloading similar to the French laws. ISPs, said the interim report...
...Booming prices for oil, copper, gold and other commodities over the past decade have produced annual GDP growth rates as high as 6% in some African countries. But the International Monetary Fund predicts continent-wide economic growth of only about 1.7% this year - compared with last year's growth estimate of about 5.5%. (See pictures of scared traders...
...been diverted to the financial sector. This scenario may benefit financial centers, but money tends to drain away from other places. Gelleri says that both the Euro and the U.S. dollar have slowed way down. "In the last several months velocity has declined sharply because there's less GDP and more money," he says. "The money doesn't flow. More money is being printed, but it's not going into circulation...
Still, it is likely to be a while before we hit that new normal. Rosenberg points out that during the Great Depression, the worst of GDP contraction and stock-market losses had hit by the early 1930s. And yet the malaise carried on for the rest of the decade. Unemployment hung above 15%, and people didn't spend money. "Even people who had the means didn't go on buying sprees. That's not how they lived," says Rosenberg. We may now be in for some of the same...
...property values, equity-wealth destruction and ongoing unemployment shock, the American consumer is unlikely to spring back overnight. In fact, with asset-dependent U.S. households remaining income-short, overly indebted and savings-deficient, subdued consumption growth is likely for years. This is because the U.S. consumption share of real GDP, which hit a record 72.4% in the first quarter of 2009, needs, at a minimum, to return to its pre-bubble norm of 67%. That spells a sharp downshift in real consumption growth from the nearly 4% average pace of 1995 to 2007 to around 1.5% over the next three...