Word: gdp
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...There is an irony to how the ostensibly free-market U.S. has just signed off on a $787 billion stimulus package - equivalent to about 5.5% of total GDP (2.0% for 2009) - while the supposedly interventionist E.U. has struggled to scratch together programs worth 0.9% of its total GDP. The E.U.'s reticence is partly due to fears that piling up debts and deficits to fight the collapse in output and jobs could destabilize the euro zone. It also reflects Europe's confidence that its economies are more resilient to the banking and housing collapses that have hit the U.S., while...
...even within the E.U., there are vastly different attitudes toward spending. Some member states are pumping huge sums into the economy: Spain's $115 billion public-works-led program is equivalent to 8.1% of GDP, while the Bank of England has just begun a $100 billion bank-note print run. Others, such as the Czech Republic and Estonia, are holding back because they don't believe in jump-starting their economies with stimulus packages - or because, like Italy, their ragged budgets cannot stretch to offer more than 0.3% of GDP...
...idea that car sales are going to go back to the 16 million level even if GDP begins to grow rapidly is a pipe dream. Americans realize that a well-built, well-maintained car is good for 100,000 miles or more and perhaps six or seven years of use. Americans are learning that the hard way because they can't afford new cars, but it is a lesson which is not likely to be unlearned. People are going to keep cars longer and fewer new cars are going to be sold. America's car companies are in a better...
...OZAWA: When you take a look at the overall economy as far as Japan is concerned, personal spending accounts for more than 60% of GDP; in the case of the United States it is more than 70%. So that means to sustain personal consumption we have to give assurance to the people that they will be able to have a stable income and that their future is assured. Therefore, real income has to be raised, and we have to give a sense of security to the population through reforms to the pension system. I'm very concerned about the younger...
Overall economic growth is following suit. In the fourth quarter of 2008, Taiwan's GDP contracted 8.4% from the same period a year earlier, making it the worst quarter on record. South Korea's GDP shrank 3.4%, Singapore's fell 4.2%, and Hong Kong's dipped 2.5%. Eric Fishwick, head of economic research at the brokerage CLSA in Hong Kong, predicts the dismal numbers will persist. He expects GDP in Taiwan and Singapore to contract at double-digit rates this year. "We've never seen an external shock in Asia like this," says Fishwick...