Word: globalization
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Dates: during 2000-2009
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...improve, it will be too late to matter for anyone other than the historians. There will be another financial and market catastrophe in the fall, if none of the remedies has worked. The question of what caused the recession and how it can be vanquished will become a global obsession, again. (See pictures of the global financial crisis...
...economic boom in the gulf countries over the past few years - fueled by the continuous rise of oil prices between 2003 and 2008 - helped put the region on the global economic map. In some ways, the boom became captive to a "mine is bigger than yours" syndrome. Competing states embarked on advertising campaigns and hired in public-relations firms to tout their wares. Developers and rulers alike pushed artificial islands (Dubai, Abu Dhabi, Qatar, Bahrain, Kuwait), and in many places real estate became the main economic activity. Officials promoted their cities as financial hubs as a way to diversify away...
Fifth, during the boom years, Saudi Arabia invested more than $70 billion in expanding its oil production capacity to 12.5 million barrels per day, not only to secure its future but also to address global supply imbalances...
...sure, the two stock market slumps in 2006 and 2008 created negative wealth effects. High-net-worth businessmen have been hit by the current global financial crisis. But there is no doubt that the macroeconomic picture is solid and healthy. Over the next five years Saudi Arabia has outlined a $400 billion spending program. In a decade or thereabouts, Saudi Arabia will become a $1 trillion economy and will be better placed than the rest in the region to capitalize on its knowledge and strengths. During the boom years, some critics said Saudi Arabia should become more like Dubai...
...their lot to parliamentary democracy, championing land reform and opposing moves toward privatization, myriad splinter groups fighting for the marginalized and dispossessed continue to wage bloody insurgencies in pockets of the country. Still, India's remarkable economic growth in recent decades and its emergence as a key player in global affairs under the Congress-led government of Manmohan Singh has put an air of anachronism around the venerable Communists. "In this day and age, why do you still celebrate the 90th anniversary of the October revolution," asks Surjit Bhalla, a financial pundit and anchor of the show "Tough Talk...