Word: regions
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...Asianomics. In his thick Scottish accent, Walker predicts the worst global recession since the Great Depression. GDP in the U.S., he says, could contract as much as 5% in 2009, and Europe by 2%. He is no more bullish about the economies in his area of specialty: Asia, a region where most of his colleagues foresee more buoyancy. China won't see GDP rise more than 4% in 2009, he says, and the country's economy may not grow at all. "There is going to be precious little growth anywhere," Walker says...
...CLSA, penned a report entitled It's Life, Jim, but Not as We Know It: Asia Decoupling, in which he and his team of economists warned that Asian currency regimes, if not reformed, could be susceptible to Mexico-style meltdowns in two to three years. Two years later, the region plunged into the 1997 Asian crisis, which was triggered by the rapid decline of currencies such as the Thai baht...
...China crunch will have repercussions for the rest of the region and the world. The hope among other economists was that trade within Asia, with a stable China at its core, could spare exporters such as Taiwan and South Korea from the worst of the recession in the West. That hope, Walker argues, has evaporated. A major downturn in China "takes the floor away" from growth in the rest of Asia, he says, leaving the region more exposed to the woes of the U.S. and Europe. Most vulnerable are Asia's smaller, trade-dependent economies. He forecasts Taiwan and Singapore...
Three weeks later and the complaints are rather different. A scorching northwesterly wind has blasted much of southeastern Australia for almost a week, creating the worst heat wave in the region for 70 years. Dozens of people reportedly died in the heat, many of them elderly. More than half a million homes and businesses lost power for days, railway lines buckled and bushfires burned tens of thousands of acres and destroyed at least 29 homes. "We're in uncharted waters, unprecedented condition. It's the hottest week since records began," the Premier (Governor) of Victoria John Brumby told reporters...
...Iraqi officials say about 7.5 million voters cast ballots across central and southern Iraq Saturday, making for a turnout of roughly 51%. The semi-autonomous northern region of Kurdistan did not participate, but throughout most of Iraq hundreds of polling stations opened early Saturday morning. Some 500,000 independent observers watched over polling centers nationwide, and Iraqi officials say no major incidents or serious complaints were reported. (See TIME's Special Report: "Life Returning to Iraq's Streets...