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Posts Tagged ‘Global Economy’

These Countries Will Dominate the World – In 2050

Posted by Ram Kumar Shrestha on June 21, 2015

By Lola Bailey

“By 2050, the collective size of the economies we currently deem ’emerging’ will have increased five-fold and will be larger than the developed world.” – HSBC Global Research

Times, they are a-changing. An economic report by HSBC has predicted a seismic shift in the structure of the global economy, with the economic centre of gravity shifting from the north Atlantic to central Asia – particularly China and India. If the predictions are true (and it must be said that economists are not known for agreeing with each other) the world will look very, very different indeed.

Through a complex but fascinating analysis of economic systems and infrastructure and serious number crunching, HSBC’s analysts’ economics prowess has projected the wealth of countries (GDP and per capita income) in 2050. You can read the full report: The World in 2050; Quantifying the Shift in the Global Economy here.

Read on to discover which countries will be the world’s richest – in 2050:

1. China

In 2050, China is expected to be the world’s richest, and probably the most powerful, economy, with a GDP of $24.62 trillion and a per capita income of $17,759. China’s income per capita will still only be roughly a third of that in the US so there is room for considerably more growth. On the minus side, it will no longer be the most populous place on earth – (spoiler alert) that honour will go to India.

Read the rest of this entry »

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​Debtor nation: Americans pay interest on $163 billion held by top tech firms overseas

Posted by Ram Kumar Shrestha on March 15, 2014

Reuters/Lee Jae-Won:

google-microsoft-debt-offshore.si

United States taxpayers make large interest payments to the top four technology firms for the $163 billion in US government debt the companies own and shelter in tax-free offshore accounts.

United States taxpayers make large interest payments to the top four technology firms for the $163 billion in US government debt the companies own and shelter in tax-free offshore accounts.

Apple, Cisco Systems, Google, and Microsoft legally hold $124 billion in US Treasury securities and $39 billion in US government agency debt in accounts overseas, allowing them to avoid the 35 percent (maximum) corporate tax rate in the United States, according to Securities & Exchange Commission reports.

Together, the companies would be the 14th biggest overseas holder of Treasury securities, just ahead of countries like Norway, Singapore, and India. Read the rest of this entry »

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‘Big lender’ China urges US to avoid bankruptcy

Posted by Ram Kumar Shrestha on October 8, 2013

China's Vice Finance Minister Zhu Guangyao (Reuters)

China, the US government’s largest foreign creditor, is “naturally concerned about developments in the US fiscal cliff”, as Reuters quoted Vice Finance Minister Zhu Guangyao giving the Chinese government’s first public response to the Oct 17 US deadline for raising the debt ceiling.

China currently holds 22.85 percent of the US $16.7trln debt, which makes it the biggest US creditor.

Treasury Secretary Jacob Lew calculated the US would run out of money by October 17 and have less than $30 billion cash in hand if Congress fails to agree on its spending plans. Read the rest of this entry »

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‘The revival of the Japanese economy will lead to development of the global economy’

Posted by Ram Kumar Shrestha on September 5, 2013

In an exclusive interview with Global ahead of the G20 summit in St Petersburg, Japanese Prime Minister Shinzo Abe describes how his Abenomics policy could not only kickstart Japan, but help reboot the world economy

Abe pictured with US Ambassador to Japan John V. Roos. Japan is keen to maintain a close relationship with the USA

Prime Minister, you have enjoyed a spectacular comeback in Japanese politics. Since you took office after the December election, the philosophy of ‘Abenomics’ has totally swept away any disappointment that arose during your first term as premier in 2006-07. A rapid series of political and economic manoeuvres aimed at lifting Japan out of its economic torpor has won you popularity at home and plaudits from abroad. You have launched dramatic initiatives towards Africa and attempted to repair long-neglected fences with ASEAN neighbours.

Now, in the lead-up to the G20 summit in St Petersburg, there is revived interest in Japan’s role as the world’s number three economy, as well as in the global lessons to be learned from Abenomics and its associated policies. It is a remarkable success in a very short time. But it raises many questions about where a reinvigorated, resurgent Japan might be heading. Read the rest of this entry »

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Economic Shock Could Throw 900 Million People Into Poverty, IMF Study Warns

Posted by Ram Kumar Shrestha on April 6, 2013

By 

Hundreds of millions of people worldwide are on the brink of poverty.

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A recent study by the International Monetary Fund warns that as many as 900 million people could fall back into poverty in the event of an economic shock like the Great Recession. That figure is three times the size of the U.S. population. Read the rest of this entry »

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Putin: Using Al-Qaeda in Syria like sending Gitmo inmates to fight (EXCLUSIVE)

Posted by Ram Kumar Shrestha on September 8, 2012

In an RT global exclusive premiere, President Putin gives his first post-inauguration interview, speaking in depth with RT’s Kevin Owen ahead of the APEC summit in Vladivostok.

Touching upon a range of issues, he discusses topics from the Pussy Riot trial to the Julian Assange case, from the upcoming US elections to the situation in Syria.

RT: What I want to talk about first of all is the ongoing at the moment APEC summit. You’ll be going there very shortly – in Vladivostok because it’s the first time that Russia has held it, a prestigious event. But it always begs the question – what’s actually achieved at these events, events like that, like the G8, G20?

Now, though APEC is primarily an economic vessel, there’s a lot of politics involved as well. And of course a lot of the key players including you, including America, a lot of key players disagree on some very key issues. I’m thinking about Syria, I’m thinking about missile defense, I’m thinking about Iran. Is there a danger that the politics may stifle, get in the way of the big economic deals that the very same key players are hoping to sign at this summit or at least talk about signing? Read the rest of this entry »

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Global Economy Faces ‘Perfect Storm’ With Eurozone Crisis, ‘Fiscal Cliff,’ Slowdown, Iran Conflict

Posted by Ram Kumar Shrestha on September 8, 2012

Comment: Global economic crisis we created. We are investing billions and billions dollars in war but lacking money to invest job creating industries. This clearly shows our priority. Due to this every moment we have to survive with fear as any time anywhere anything can happen. We, therefore, creating not only Global economic crisis but also Global Peace crisis. And still we are not ready to change strategy but enjoying to blame others. When to be ready to blame ourselves which is the fundamental of world peace and solution of all problems:

CERNOBBIO, Italy — Experts and leaders gathered in Italy may disagree on the cure, but the malady seems clear: the world economy faces a “perfect storm” of risks that include prolonged crisis in a structurally flawed Europe, political paralysis pushing America off a “fiscal cliff,” a slowdown in the emerging economies drying up the last of global growth, and the spectacularly destabilizing prospect of war over Iran’s nuclear program.

A world of such unpredictable peril is also one in which jitters suppress the appetite for private and corporate risk, yielding meager investment and low consumption and prolonging the woes that snuck up on a booming world in the summer of 2007 as a “credit crunch”, mushrooming a year later into the Great Recession. Read the rest of this entry »

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World Happiness Report 2012: Scandinavian Countries Are Happiest On Earth (SLIDESHOW)

Posted by Ram Kumar Shrestha on April 7, 2012

 

Denmark has taken the top spot on the United Nation’s first ever World Happiness Report, followed by Finland, Norway and the Netherlands.

The 158-page report, published by Columbia University’s Earth Institute, was commissioned for the United Nations Conference on Happiness on Monday in order to “review the state of happiness in the world today and show how the new science of happiness explains personal and national variations in happiness.”

The rankings in the report were based on a number called the “life evaluation score,” a measurement which takes into account a variety of factors including people’s health, family and job security as well as social factors like political freedom and government corruption. It also looks at measurements from previous reports on happiness from the Gallup World Poll (GWP), the World Values Survey (WVS), the European Values Survey (EVS), and the European Social Survey (ESS). Read the rest of this entry »

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The Happiest Countries Are in Northern Europe

Posted by Ram Kumar Shrestha on March 31, 2012

By John Halliwell, Richard Layard and Jefferey Sachs

Is it possible to measure the happiness of the world’s population? Remarkably it is, and the first World Happiness Report published today does just that.

Even more remarkable is next Monday’s United Nations conference on happiness, for which the report was prepared. Last July the UN General Assembly invited all member governments to give more importance to happiness as a goal of public policy and mandated this conference as part of the process.

This means that there is now high world-level support for the demand that governments pay more attention to the happiness of their peoples when they form their policies. This is not, we emphasize, a matter of following the whims, fads, and consumer urges of the population. These do not, according to the evidence, lead to happiness. It is, rather, a matter of helping societies to find a path to what really matters more deeply and lastingly for well-being.

So what does matter in determining the happiness or life satisfaction in a nation? Income of course matters to everyone, especially the poorest. As the report shows, the richest countries are a lot happier than the poorest. The four happiest are all in Northern Europe (Denmark, Norway, Finland and the Netherlands) and the four least happy are in Sub-Saharan Africa. On a 0-10 scale, the average life evaluation score is 7.6 in the first four countries and only 3.4 in the last four. Read the rest of this entry »

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The Fall of Bo Xilai and the Future of Chinese Growth

Posted by Ram Kumar Shrestha on March 29, 2012

MARK RALSTON / AFP / Getty Images

MARK RALSTON / AFP / GETTY IMAGES
Bo Xilai, the charismatic but controversial Communist Party leader of China’s Chongqing municipality, was removed from his post.

The fall of Bo Xilai, the former head of the Chinese Communist Party in the sprawling mid-Western city of Chongqing, is the stuff of movies.  A member of the party elite and supposed corruption fighter who was seen to have brought order to a Blade Runner-esque sprawl with a population the size of Belgium, Bo was not only poised to enter the top rungs of the Politburo this year, he was the first Chinese celebrity politician since Deng and Mao. In a country where the Party likes to speak with one voice, and tall poppies are often cut down, he stood out. He dressed well; he cultivated the media; he had his own one page Comment and Analysis piece in the Financial Times.

But in March, he was abruptly dismissed as the Party head of Chongqing, after his police chief, Wang Lijun, sought asylum in the U.S. consulate in Chengdu, a city several hours northwest of Chongqing. Wang had provided evidence of crimes allegedly involving Bo, according to reports in the Financial Times and the Wall Street Journal, including murders carried out on his order. Wang also claimed that a dead British businessman, Neil Heywood, who was said to be close to Bo’s wife Gu Kailai, had been in a business dispute with her, and had been poisoned. Rather than being a tough-but-honest politician fighting corruption in China’s Wild West, a very different picture of Bo began to emerge — one of a man who his critics say was an entitled “princeling” (his father was Bo Yibo, a revolutionary general who had fought alongside Chairman Mao), and who was corrupt himself; someone willing to torture, frame, and even murder anyone who got in his way. Read the rest of this entry »

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At World Economic Forum, Fear of Global Contagion Dominates

Posted by Ram Kumar Shrestha on January 29, 2012

DAVOS, Switzerland — They came, they feasted on smoked sturgeon and black truffle risotto, drank liquor paid for by global banks, endured dozens of security checks, and tried not to fall down in the snow. They talked about the perilous state of the global economy and the future of capitalism. Then, they headed back to their home countries — many in chauffeured limousines, some by private jet.

But as the people who run much of the planet wrapped up the annual festival of influence known as the World Economic Forum on Saturday, any sense of achievement was hard to discern. The participants arrived amid elevated unemployment in many economies, worries about government budget deficits, and fears that contagion from a financial crisis in Europe could infect the rest of the world. They went home with all of these worries intact, and perhaps reinforced.

Nouriel Roubini, the economist who — not for nothing — is known as “Doctor Doom,” noted that world leaders are divided on a great array of crucial issues, from arguments over trade imbalances and currency valuations to the threats posed by Iran and North Korea and the challenge of climate change.

“On all these issues that require international coordination, there is no agreement,” he said during a Saturday morning panel. “It’s a world of chaos that can lead to potential conflicts.”

European officials confronted a palpable sense of impatience and resentment from their counterparts, drawing accusations that they have imperiled the fate of the globe by repeatedly failing to prop up ailing member states. Read the rest of this entry »

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IMF push for $1 trillon rescue fund to cost UK £15bn

Posted by Ram Kumar Shrestha on January 18, 2012

Telegraph

Downing Street says Britain is ready to consider a request for extra funds from the International Monetary Fund, which is seeking to boost its firepower to around $1 trillion to safeguard the global economy.

Britain ready to consider IMF request for extra funds

A Downing Street spokeswoman said any increase in UK funding would have to be designed to assist struggling countries and not to bail out the euro. Photo: REUTERS
 The government made the comments just before the IMF confirmed reports that it wanted to expand its resources to protect ailing economies against any escalation of the eurozone debt crisis.

“Based on staff’s estimate of global potential financing needs of about $1 trillion in the coming years, the Fund would aim to raise up to $500bn in additional lending resources,” the IMF said in a statement.

Currently the IMF has resources of around $400bn. Britain is liable for 4.5pc of IMF funding, so a $500m increase in resources leaves the nation liable to provide an extra $22.5bn, or £15bn. Read the rest of this entry »

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Chips off the old bloc: Eurasian Union

Posted by Ram Kumar Shrestha on November 19, 2011

The creation of the Eurasian Union serves as a statement of Moscow’s global ambitions and a powerful move to form a supranational alliance to eventually counterweight the unipolar world built after the end of the Soviet Union.

Prime Minister Vladimir Putin wants to justify his political decision to run for president for the third time, revealing this time a truly global agenda to be fulfilled, acknowledges international affairs analyst Aleksandr Selivanov.

“It sends a clear message to the rest of the world and to the West that Russia is interested in elevating its economical interests from just national level to a supranational level, engaging in building an original project similar to the European Union, but with the lessons learnt from its operations,” considers Selivanov.

Whether the Eurasian Union be only economical, or it will transform into a political one as well is an open question.

Speaking of the new economic body possibly becoming a counterbalance to the economical weight of the EU, political analyst Aleksey Pushkov, said that “the economic weight of the EU has been somewhat damaged by the crisis” and is unlikely to recover in foreseeable future.

“I think this has nothing to do with the European Union, this is an independent economic union in the post-Soviet space, where people know each other, where they are used to each other, they are used [to having] a joined economy. In a way [it is] rebuilding the ties, which were severed during the fall of Soviet Union,” Pushkov said. Read the rest of this entry »

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US vs. China: Who rules?

Posted by Ram Kumar Shrestha on November 14, 2011

As politicians and financiers bring their different perspectives to the APEC summit in Honolulu, a single idea is proving a unifying force. With global economic power shifting eastwards, the chorus of anti-China rhetoric is growing ever louder.

If there is one US state where the Occupy movement has little chance, it is probably Hawaii. Despite a high concentration of politicians and Wall Street bigwigs mingling at the APEC summit, the only place people are willing to occupy en masse here are the beaches. With one exception. The few protesters allowed in downtown Honolulu were speaking out against greed and social injustice. They were against economic inequality. They were against China.

Coincidentally or not, the mood on the podium was similarly hostile. Employing some of his sharpest language yet, US President Barack Obama threatened Beijing with punitive economic steps unless it started “playing by the rules.” His political opponents were even more belligerent.

“I happen to think that the Communist Chinese government will end up on the ash heap of history if they do not change their virtues,” Rick Perry, Republican presidential candidate, said in the course of the debates.

“We have to have China understand that, like everybody else on the world stage, they have to play by the rules!”responded his rival for the Republican nomination, Mitt Romney.

Rules, rules and again rules. As the country that has been ruling the roost for decades, the United States has never been shy of policing others. But as China’s GDP continues to grow at a rate of nine per cent a year, against two-and-a-half per cent growth in the US, the reprimand seems to be internally driven.

Conformity is one of the top values in the Chinese view of the world – also reflected in the country’s political and economic policies. So it is not that China does not play by the rules, it is actually quite the opposite. What the United States seems to have an issue with is that, increasingly, China rules and that is a privilege Washington would prefer to keep for itself.

As his signature achievement at APEC 2011, Barack Obama has put forward the Trans-Pacific Partnership, a regional free trade pact being negotiated by the United States and eight other countries. White House officials even speculated that the deal could become a template for an eventual APEC-wide free trade zone.

Yet what seems a win-win to the US is taken in China as a somewhat predatory effort to change rules mid-game. Beijing remains wary of the deal that Washington is proposing to some of China’s neighbors, seeing it as an effort to provide a counterweight to China around the Pacific Rim.

“Free trade tends to be in the eye of the beholder – it’s free for you, but protectionist for me, provided I get to protect my precious industries, my own personal national interest. So it’s always a dilemma as to how free it is,” said George Koo, the founder of International Strategic Alliances.

As the euro crisis continues metastasizing throughout the world and China is asked to shoulder the load, many analysts say the West should keep in mind its old adage – “He who pays the piper calls the tune.”

“The US is a declining power and having trouble adjusting to that status,” CEO of Country Risk Solutions, Daniel Wagner, believes.

Many Chinese proverbs are difficult to translate into English, although those about money usually have exact equivalents. One of them is “Money makes the world go round” – a concept experientially familiar to Washington and, progressively so, to Beijing.

Professor Julan Du from the Chinese University of Hong Kong told RT that America’s domestic problems are  driving Washington’s criticism of Beijing.

“They accuse China of unfair trade and currency policies. I think it is unfair. The current difficulties of the US government in creating jobs lie in the fact that the US has lost the competitive advantage in most of the traditional manufacturing industries,” Professor Du said.

“The wage rate is too high to justify moving production back to the US,” he added. “So even if China reduced its exports to the US by increasing its exchange rates, other low-wage emerging countries would step in to replace China.”

@RT

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It’s not a conspiracy! Elite controls global economy

Posted by Ram Kumar Shrestha on October 23, 2011

A man dressed as an "evil banker" stands outside Saint Paul's Cathedral in central London as protestors gather on October 15, 2011 (AFP Photo / Leon Neal)

Bankers really do control the world! That’s according to Swiss researchers who, in an exhaustive scientific study, mapped out a blueprint showing the real architects of global economic power.

From freemasons to the Council on Foreign Relations to Bilderberg, the belief that secretive groups control the world’s economic and political system are quite possibly as old as human civilization itself.

But while Occupy Wall Street protestors may be slightly exaggerating in calling themselves the 99 per cent, a recent study conducted by the Swiss Institute of Technology in Zurich shows that they aren’t too far off the mark.

Drawing from a 2007 Orbis database, which lists 37 million companies and investors spanning the globe, the researchers focused on 43,000 transnational corporations and the share ownership which connected them. Based on their analysis, the Swiss team found that a core of companies, the majority of which are in the banking sector, yield excessive power over the global economy, the weekly New Scientist magazine reports.

Within this group, 1,318 companies with intertwined ownership structures were on average connected to 20 other companies.

Representing some 20 per cent of global operating revenues, the study also shows this group of 1,318 controls the bulk of the largest blue chip and manufacturing firms. In terms of the real economy – the part which produces actual goods and services – they take in some 60 per cent of global revenues. Read the rest of this entry »

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