Word: sectoral
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...revenues. Although tourism and property developers are still planning massive new projects, there are signs of a shakeout in Dubai's boomtown housing values, with some analysts expecting up to a 20% decline in the next three years. The combined debt of Dubai's government and public-sector companies has escalated to the point where some analysts say the city-state Dubai might one day need a bailout from its super-rich sister emirate Abu Dhabi, which has more than 8% of the world's petroleum reserves...
...Unfortunately, Nakamura's predicament is an increasingly common one in Japan, where the turnover rate in the nation's large care-giving sector hit just over 21% in 2007. It's a part of Japan's long struggle to manage its aging population. Ministry of Health, Labor and Welfare (MHLW) research projects that the Japanese population over 65 will grow to 32 million in six years, or over 26% of the population, and the Ministry says about half a million additional caregivers will be needed to take care of them...
...Japanese care centers and hospitals as part of a new economic agreement between Japan and Indonesia. The program plans to bring about 800 more Indonesian caregivers to Japan over the next two years - an unprecedented move in a country that has never allowed foreign labor in this large sector before. "The question is whether the labor shortage can be solved by Japanese hands alone," says Yuko Hirano, associate professor of health sociology at Kyushu University. "We need to partially rely on foreigners. This program is a big step for Japan...
...there isn't much time to demur. If Japan doesn't feel comfortable inviting foreign workers into this sector, other nations like the U.S., Canada and Taiwan do - with open arms. "They are at much more advanced stage with accepting foreigners," admits Asato of Kyoto University. In 2006, the Philippines signed an agreement with Japan similar to Indonesia's, but the Filipino students later interviewed by Kyushu University's Hirano last year weren't interested. Without an attractive package from Japan, Hirano fears none of the high-caliber Filipino nurses will want to come...
...inaction without having to put more taxpayer money on the line. "If there's a bankruptcy between now and then, the spin would be that the Republicans let it happen," says Greg Valliere, chief political strategist at the Stanford Financial Group, which tracks government actions for private-sector clients. "This is very frustrating. The economy is rapidly decelerating - this will be a long and deep recession - and the political posturing still dominates...