Word: gdp
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...slowdown. Among the tigers, overseas trade is shrinking with frightening speed: Taiwan's exports in January plunged 44% from the same month a year earlier, while Singapore's fell 35% and South Korea's 33%. 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, the worst quarter on record. South Korea's GDP shrunk 3.4% in the fourth quarter, Singapore's fell 3.7% and Hong Kong's dipped 2.5%. Eric Fishwick, head of economic research at brokerage CLSA in Hong Kong, predicts these dismal numbers...
...January announced a $13.4 billion "Resilience Package" that will increase the country's budget deficit to a record level. Yet there is a limit to what governments can do. Exports are simply too important to the tiger economies to be easily replaced. They represented 74% of Taiwan's GDP and 46% of South Korea's in 2007. "You can't change the [export] model," laments Song Seng Wun, an economist at CIMB-GK Research in Singapore. "You just have to make sure everyone can take the downturn...
...acting could end up costing Western capitals more than helping out. That's because Western banks have huge exposure to emerging European economies, either directly or through local subsidiaries. Austrian banks alone have a more than $293 billion exposure to Eastern Europe, roughly 80% of the Austrian GDP. When, on February 17, rating agency Moody's warned that it might downgrade a number of western European banks with exposure to the region, the euro plunged to a three month low of $1.26 against the dollar. "Given the combination of banking and trade links between Eastern and Western Europe that have...
...currency the euro, the Hungarian forint 30% and the Czech Krona 23%. That makes euro-denominated debt, which has risen dramatically anyway in the past few years, much harder to pay back. In Poland, foreign currency debt held by households has tripled in three years to 12% of the GDP last year, with some 70% of mortgages taken in foreign currencies. In Hungary, foreign currency loans make up 62% of all household debt, up from 33% three years ago. Home owners across the region now face massive debts that they simply will be unable to pay back. "What's happening...
...challenge now for Denmark is to help the rest of the world catch up. Beyond wind, the country (pop. 5.5 million) is a world leader in energy efficiency, getting more GDP per watt than any other member of the E.U. Carbon emissions are down 13.3% from 1990 levels and total energy consumption has barely moved, even as Denmark's economy continued to grow at a healthy clip. With Copenhagen set to host all-important U.N. climate change talks in December - where the world hopes for a successor to the expiring Kyoto Protocol - and the global recession beginning to hit environmental...