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World combats severe economic downturn
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16:19, December 24, 2008

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The United States: Obama ready to take on new tasks

With two million cuts, the US has experienced the worst job cuts in decades since its economy was in recession. There is not easy way to tackle the slowdown and the crisis is still worsening. However, it can bring opportunities for economic transition.

Finance and economy in the US suffered unexpected losses during the global financial downturn. Although government recently came up with a series of economic stimulus package, the auto giants are still on the verge of bankruptcy. The predicament of CITI Bank shows the stimulus package did not solve the problem.

US president-elect Barack Obama is expected to roll out a large-scale economic stimulus package, which could amount to some 500 to 700 billion US dollars when he assumes office, and create some 25 billion jobs in the next two years. Additionally, Obama administration will possibly adopt new measures, including gaining financing through buying mortgage default, focusing on foreclosure crisis and home-buyer education, preventing property market and economy from further deteriorating.

The EU: prompt actions to fight economic storm

If the economic recession is not tackled immediately, it would develop further deep and wide. The global financial turmoil dealt a heavy blow to EU’s economy. The euro zone was the first to plunge into recession.

EU’s 27 member countries proposed measures totaling 200 billion euros to revive the region’s flagging economy. Despite internal oppositions, EU leaders reached an agreement on the huge stimulus package on Dec. 12 to revitalize the economy and create jobs. Experts pointed out the package could not put an end to the financial crisis, but was helpful to reduce the negative impact of the crisis.

Japan: trying to revive the economy at the earliest possible time

According Japanese Prime Minister Taro Aso, Japan should be the first developed country to recover from the financial crisis.

Japanese government predicts the nation’s economy will experience consecutive negative growth through 2010 since 1997. Job cuts, drop in production and bankruptcy are the most frequent used words in economy.

Aso announced a new 23 trillion yen (260 billion US dollars) stimulus package to ease the liquidity crunch and bolster the weakening job market.

Japan also scenarios towards low-carbon society (LCS), revives agriculture and builds an industrial structure that could respond to yen’s appreciation. All these measures and policies aim at stopping the economy from further declining and maintaining sustainable development.

India: maintaining economic growth over seven percent

People around the world will regain their confidence when they notice the economic growth in China and India, whose populations stand at 1.3 billion and 1.1 billion respectively.

India experiences sluggish economy this year due to the duel blow of global economic slowdown and Mumbai terrorist attack. Indian PM Manmohan Singh predicts the country’s GDP stands at 7 to 7.5 percent this year, an annual decrease of two percent.

The terrorist attack in Mumbai last month did not shake the foundation of India’s national economy, which lies mainly on domestic investment and demand. Healthy financial system, low bad debt rate and rich human resources are the powerful backing for economic growth.

Indian government announced another 200-billion-rupee (four billion US dollars) economic stimulus package on Dec. 7, and promised 60 billion US dollar fiscal expenditure to boost export, real estate and infrastructure as to ensure the seven percent GDP increase in fiscal year 2008.

By People’s Daily Online

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