Word: slowdowns
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...world beset by economic slowdown and turbulence, political fragility and growing social challenges, no tool is likely to have greater success in regalvanizing growth and prosperity than a successful FTAA negotiation. Despite their differences, the countries of the Americas have never been more firmly committed to promoting such a deal, or to helping smaller, poorer nations cope with the consequences. Many of the widely publicized differences over the FTAA are more tactical than strategic. And many elements that seem to be obstacles to a deal, like the absence of U.S. congressional fast-track approval for trade negotiations...
...need for new vehicles for growth is great, according to Kenneth Courtis, the Canadian-born vice-chairman for Asia of the Goldman Sachs International investment firm. "We are not in a U.S. slowdown. We're in an OECD slowdown," he said, referring to the 30-member association of advanced industrial nations. Europe, the U.S. and Japan are all losing momentum; that could put at risk economic and political stability in parts of the Americas and set back the entire process of globalization, which Courtis credited with providing much of the economic progress of the 1990s. "There's little sign...
...same sense of imminent threat, in fact, overhangs the economies that the summiteers are determined to bring into trade harmony. The main reasons are the abrupt slowdown of the huge U.S. economy and the stock-market swoon that has destroyed more than $3 trillion in paper wealth. The full effects of the slowdown have not spread to Canada and Mexico, the U.S. partners in the North American Free Trade Agreement, but they are still evident. In South America, Argentina has been engulfed by a paralyzing financial crisis that threatens the cohesion and possibly the fate of the Southern Cone trading...
...probably sooner rather than later. But Greenspan's first concern was never the "reverse wealth effect" Wall Street had only just stopped screaming about (rallies will do that). For the Fed it was the Main Street stuff - jobs, malls, cars and houses - that was going to turn this slowdown from a correction to a disaster...
...Construction companies obviously see the same slowdown - they're cutting back on housing starts, concluding that the drop in consumer confidence will impact their interest in buying homes in the months ahead. And not only new homes, but building permits are also falling - down 3.6 percent in March after falling 2.8 percent in February. There's just less incentive for builders to build when they don't see the buyers out there anytime soon...