Word: slowdowns
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Dates: during 2000-2009
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...usual way to test the economic pulse in a downturn is to go for a stroll down Main Street. Perhaps we should take to the high seas instead. There may be no better measure of the reach, depth and potential duration of the global economic slowdown than the fast-sinking fortunes of the shipping industry. From the historic docks of Rotterdam to China's booming trading hub of Ningbo, troubling symptoms abound. The Baltic Dry Index, which tracks the cost of shipping raw materials, has plummeted from an all-time high of 11,793 last May to below...
...depth of the slowdown becomes clearer, voices from all quarters have warned of the dangers of unrest. In mid-November, President Hu Jintao said the crisis would be a grave test of the Communists Party's ability to rule China, a warning echoed by other lower ranking leaders. At a December speech, Premier Wen Jiabao confessed to being particularly worried about unemployed workers and university graduates. Even the head of the country's Supreme Court warned judges to take social stability into mind when passing rulings. Overseas, too, worry swelled about just how deeply China's fragile social compact might...
...Certainly there will be a slowdown on that research until it can be formally funded from another source,” Kahn said...
Effects of the slowdown have led to less extravagance and a more severe emphasis on economy. "Earlier, the sky was the limit, but now people are holding smaller events with fewer guests," says Sneha Tejwani, who runs the event-planning firm Occasionz Unlimited in Mumbai. "No Bollywood stars performing at over-the-top bashes this time. Business is down to a third of what it was." Even flower suppliers in Bangalore, India's floriculture center, are reportedly withering due to decreased demand for flowers for decorating weddings and other events...
Some industry watchers, however, say the slowdown may help existing hotels to stay afloat by delaying commissioning of newer competitors. "Projects that have only just got underway, which are aimed at opening in 2010-11, will be put off," says Jain of JLLM, "They will face constraints in terms of financing and ability to complete projects, as well as downbeat forecast for the sector. This will reduce the pressure on [room rates] by keeping competition down." That may be a relief to some players, but will be small consolation for the industry as a whole...