Word: gdp
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...living through a turning point at which the East overtakes the West, unless something drastic occurs,” Ferguson said. “China will have a larger GDP in 2027 than America...
...euro zone have watched their currency plunge to an eight-month low as a result of sovereign-debt panic. Greece, which is perhaps the weakest link in the European Union, was first to hit the wall on news that its deficit has ballooned to nearly 13% of GDP. Then last week, worry about debt default spread from Greece to Spain, Portugal and Ireland, where spending is similarly out of control. (See the best business deals...
...short the euro or use it in carry trades, further depressing the already soft currency. Just this week Spain's Finance Minister, Elena Salgado, flew to London to assure bondholders that her country remains solvent and unveil a proposal to cut Spain's budget deficit to 3% of GDP...
...markets - he has a master's degree in applied economics and worked for the Belgian Central Bank before going into politics. And as Belgium's Budget Minister in the 1990s, he was instrumental in helping to drive the country's public debt down from a peak of 135% of GDP in 1993 to about 90% today...
...said the 16 countries in the euro zone had a "shared responsibility" for economic stability and would take "coordinated and determined" action to safeguard financial stability. But Van Rompuy was also stern about what was expected from Greece: it must reduce its budget deficit (which now exceeds 12.7% of GDP) in an "effective and determined manner." Athens now faces stringent oversight as it attempts to balance its finances: after years of receiving dodgy statistics from the Greek authorities, the E.U. is insisting on a direct role in monitoring the nation's recovery plan. And next week, E.U. finance ministers...