Word: gdp
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...capitulation. It's hard to know the precise point of the extreme, but today there are many things that tell me that fear is way over the top, not the least of which is the level of cash holdings by private households and businesses as a percent of GDP - it's at a post-World War II high. There's so much sideline buying power - dry powder - and everywhere you look and it shows up in the Fed's statements. Part of this is because the Fed is dumping so much in [to the economy] and part because people have...
...already issued emergency loans for Hungary and Ukraine. Last week the Latvian government was forced to resign after massive street protests triggered by government austerity measures. Latvia's GDP dropped 10.5% in January alone. There is talk of countries such as Germany having to bail out their smaller eastern neighbors. But rescue prospects are complicated. Western European governments are battling recession themselves and the debt they have taken on to finance domestic recovery packages may make them unable, or unwilling, to aid their Eastern European counterparts. (See pictures of printing money in Germany...
...fair, the Stability and Growth Pact's credibility was straining long before the downturn. Most E.U. member states have run budget deficits beyond the 3% ceiling from time to time, while many have breached the pact's other main criterion: that national debt stay below 60% of GDP. Germany, the pact's main proponent, has been one of the most consistent abusers of the budgetary rules. In 2002, then president of the European Commission Romano Prodi even described the rules as "stupid...
...commission predicts the E.U. economy will shrink 1.8% in 2009. That's going to make borrowing crucial. Ireland's budget deficit is projected to rise to 13% of GDP by 2010; Britain's could hit 9.6%. France and Germany are both expected to blast through the 3% ceiling. The region's debt figures are just as dire. (See pictures of the financial crisis hitting London...
...recent global economic slowdown has put the brakes on Vietnam's decade of growth. The International Monetary Fund forecasts that Vietnam's GDP growth will slow to 5% this year from a high of 8.5% in 2007. Hit particularly hard has been the country's manufacturing sector, which helped lift millions out of poverty by providing relatively high-paying jobs. Declining orders from abroad have forced newly built factories to close, sending workers back to their villages...