Word: gdp
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...economy like China's, which is the world's third largest but is still just a third the size of the U.S.'s, the scale of the package is staggering. Total new spending is pegged at $586 billion, about 16% of GDP. In contrast, the $787 billion stimulus package approved by the U.S. Congress in February is just 6% of GDP. While upwards of 75% of Chinese spending will go toward infrastructure, just 10% of U.S. spending will. The difference to an extent reflects the fact that the nations are at different stages of economic development: America's railroad networks...
...bursting of Japan's bubble 20 years ago, says he expects the beneficial effects of China's stimulus spending to continue for three to six months. While other Asian economies are expected to suffer sharp contractions in 2009, CLSA is predicting that China will hit its government-set GDP growth target of 8% this year, following a drop in the first quarter to 6.1%, the slowest annual growth rate since at least...
...Several economists are projecting the GDP growth in the U.S. may stay below 2% for three of four years and that 8% unemployment will become what they call "the new normal." Housing will not recover much if those assessments are true. Over the last decade the unemployment rate has been closer to 5% than to 8%. The three percentage point difference in a labor force which numbers more than 100 million people is a hole in the economy that cannot be filed. People without work are not going to be home buyers...
...Although Medvedev did not give a new estimate for the GDP decline in 2009, he said this year's budget deficit will be at least 7% of GDP - "and that's an optimistic forecast." On Friday, government figures for the first quarter showed the economy shrank at an annual rate of 9.5%, a radical revision after officials forecast in February that Russia's GDP would decline by only 2.2% this year. The International Monetary Fund has predicted that Russia's GDP could drop as much as 6% this year. "In 2009, unfortunately, we expect a sharper fall in the GDP...
...After the meeting, Finance Minister Kudrin said the government was drafting a new GDP forecast of its own that would "take into account all anti-crisis measures, which means the plunge will be greater" than previous estimates. He added that he expects inflation of around 13% this year...