Word: regions
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...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...
...bank, had greatly expanded the number of well-trained national staffers. Second, it had at its helm officials who remembered the bad days of low oil revenues. That meant that when the oil gushers were turned up again, money was saved and not aggressively spent as elsewhere in the region. The nation's wealth was also placed in very liquid investments, predominantly U.S. government paper assets, rather than real estate. While other regional investment funds were buying into international banks, Saudi Arabia was purchasing U.S. government bonds, or paying down its debt. The country can tap into those liquid assets...
...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. Now the rest of the region might want to become a bit more like Saudi Arabia...
...rooms starting at $150. You can go zip-lining through the rain-forest canopy, sport fishing or whitewater rafting. Not an über-outdoorsman? Then head down to the beach, order cocktails at the hotel's three pools or take a free shuttle to the crown jewel of the region: Manuel Antonio National Park, where the jungle is brimming with howler, white-faced and squirrel monkeys. Try a guided hike to get the most out of the rain-forest experience and don't forget to check out the park's beach...
...recession hit, the new "poverty atlas" published by Paritätische Gesamtverband, an umbrella group for German charitable associations, and the Federal Statistics Office on May 18 is, according to the its authors, the first report to detail Germany's poverty levels and break the results down by region. It shows that in eastern Germany, for example, the average poverty rate is around 20%, with up to 27% of people in one area, Vorpommern, living below the poverty line. By contrast, in southern Germany, in the states of Hesse, Baden-Württemberg and Bavaria, the poverty rate is around...