Word: growth
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...primary challenge in question would have come from former Representative Pat Toomey, now the frontrunner for the Pennsylvania Republican senatorial nomination in 2010. Many believe that Toomey, who led Club for Growth, a political action committee for the advancement of fiscal conservatives, is more fiscally and socially conservative than Specter, who often votes with the Democrats, especially on abortion, immigration and the environment. Specter successfully defended his post against Toomey in 2004, but his frantic party switch indicates he feared losing the rematch next year...
...China's efforts to recover from the global financial crisis can cause whiplash. A government research center announces that thirty million migrant workers may be unemployed - 50% higher than the previous estimates - but Chinese Premier Wen Jiabao says the economy is doing "better than expected." Exports plummet and GDP growth grinds to a 10-year low, but fixed-asset investments and Shanghai stocks are headed up. It often looks like there are two Chinese economies...
...Huang says the trend is worrisome, partly because it could undo progress made in freeing up China's economy. "In the short run, the numbers may look good ... (but) a year or two from now, if China only relies on the state sector to drive growth, the fundamental distortions in the Chinese economy today will get worse...
...chief concerns is that over-reliance on government spending for growth will undermine a Chinese economic goal: boosting consumer spending to achieve a more balanced economy, one that is less dependent upon consumer demand from the U.S. and Europe for growth. "The biggest problem with the state-centric growth model is it does not put much income into the pockets of the average Chinese and therefore it does not raise consumption," says Huang. "A year or two from now, suppose that the U.S. does not resume its previous pace of consumption -which is very likely- then the huge state-sector...
...peak the Singapore dollar has lost more than a tenth of its value against the U.S. dollar, making it one of the worst performing currencies in Asia so far this year. And, if this drumbeat of economic gloom weren't enough, the Singapore government has repeatedly revised its economic growth projections, growing more vigorously pessimistic with each try. It now expects Singapore's gross domestic product to shrink by up to 9% in 2009, which would likely be the sharpest contraction in Asia this year. (See pictures of the global financial crisis...