Wall Street Journal (August 15)
Singapore is “the world’s richest country.” According to a report from Knight Frank and Citi Private Wealth, Singapore’s per capita GDP (purchasing power parity) of US$56,532 in 2010 “is the highest in the world, topping Norway (US$51, 226), the US (US$45, 511) and Hong Kong (US$45, 301).” According to a report from the Boston Consulting Group, Singapore also “has the highest percentage of millionaire households in the world.”
Singapore is “the world’s richest country.” According to a report from
Knight Frank and Citi Private Wealth, Singapore’s per capita GDP (purchasing power parity) of US$56,532 in 2010 “is the highest in the world, topping Norway (US$51, 226), the US (US$45, 511) and Hong Kong (US$45, 301).” According to a report from the Boston Consulting Group, Singapore also “has the highest percentage of millionaire households in the world.”
The Economist (June 23)
Business-process outsourcing (BPO) has been a boon for the Philippines. “Today the sector employs 638,000 people and enjoys revenues of $11 billion, about 5% of the country’s GDP. Last year the Philippines even overtook India, long the biggest call-centre operator in the world, in ‘voice-related services.’ The country now employs about 400,000 people at call centres, India only 350,000.” And the Philippines predicts that the number of BPO jobs could grow to over 1.3 million by 2016, with revenues of $25 billion.
Business-process outsourcing (BPO) has been a boon for the Philippines. “Today the sector employs 638,000 people and enjoys revenues of $11 billion, about 5% of the country’s GDP. Last year the Philippines even overtook India, long the biggest call-centre operator in the world, in ‘voice-related services.’ The country now employs about 400,000 people at call centres, India only 350,000.” And the Philippines predicts that the number of BPO jobs could grow to over 1.3 million by 2016, with revenues of $25 billion.
Tags: BPO, Call-centres, GDP, India, Philippines
Economist (May 26)
“Despite a recent slowdown, the world’s second-biggest economy is more resilient than its critics think.” China is not dependent on foreign borrowing, enjoys a high saving rate (51% of GDP), has highly liquid banks, and very low central government debt (25% of GDP). “China plainly has enough fiscal space to recapitalise any bank threatened with insolvency. That space also gives the government room to stimulate growth again, should exports to Europe fall off a cliff.”
Financial Times (May 13)
Japan, South Korea and China generate nearly 20% of global GDP and now they’re working toward a free trade agreement. They all have a common interest in this. China is “the biggest trade partner of Japan and South Korea.” Xinhua has estimated a treaty could boost each country’s GDP between 0.5% (Japan) to 3.1% (South Korea). An agreement may not, however, come easily as the three nations “are divided by political distrust, trade barriers and diverging investment policies.”
Japan, South Korea and China generate nearly 20% of global GDP and now they’re working toward a free trade agreement. They all have a common interest in this. China is “the biggest trade partner of Japan and South Korea.” Xinhua has estimated a treaty could boost each country’s GDP between 0.5% (Japan) to 3.1% (South Korea). An agreement may not, however, come easily as the three nations “are divided by political distrust, trade barriers and diverging investment policies.”
Tags: China, Free trade agreement, GDP, Japan, South Korea
Businessweek (March 29)
“Leaders of the biggest emerging markets agreed on steps to increase lending in local currencies to foster trade.” These BRICS economies “accounted for 15 percent of global trade in 2010, up from 3.6 percent in 1990,” with nearly a quarter of world GDP, up from 16% in 2000.“Leaders of the biggest emerging markets agreed on steps to increase lending in local currencies to foster trade.” These BRICS economies “accounted for 15 percent of global trade in 2010, up from 3.6 percent in 1990,” with nearly a quarter of world GDP, up from 16% in 2000.
Wall Street Journal (February 6, 2012)
“It’s hard to keep the U.S. economy down…. Employers added 243,000 net new jobs in January.” At just 8.3%, unemployment fell to the lowest rate since February 2009. But the durability of the economic recovery remains to be seen. “The job growth this time is stronger, though GDP growth is still well below the pace of a normal recovery. Even with the recent gains, this is also by far the worst jobs recovery since the Great Depression.”
“It’s hard to keep the U.S. economy down…. Employers added 243,000 net new jobs in January.” At just 8.3%, unemployment fell to the lowest rate since February 2009. But the durability of the economic recovery remains to be seen. “The job growth this time is stronger, though GDP growth is still well below the pace of a normal recovery. Even with the recent gains, this is also by far the worst jobs recovery since the Great Depression.”
Tags: Employment, GDP, Great Depression, U.S., Unemployment
The Economist (November 19)The Economist (November 19)
Japan’s lost decades are not so bad when seen in light of a decreasing population. “In aggregate, Japan’s economy grew at half the pace of America’s between 2001 and 2010. Yet if judged by growth in GDP per person over the same period, then Japan has outperformed America and the euro zone.”
Japan’s lost decades are not so bad when seen in light of a decreasing population. “In aggregate, Japan’s economy grew at half the pace of America’s between 2001 and 2010. Yet if judged by growth in GDP per person over the same period, then Japan has outperformed America and the euro zone.”
Tags: GDP, Growth, Japan, Lost decades, Population, U.S.
The Economist (August 6)
“Emerging economies now have greater heft on many measures than developed ones.” The Economist takes a look and finds some surprises. “The combined output of the developing economies accounted for 38% of world GDP (at market exchange rates) in 2010, twice its share in 1990…. it could exceed the developed world’s within seven years. If GDP is instead measured at purchasing-power parity, which takes account of the fact that lower prices in poorer countries boost real spending power, emerging economies overtook the developed world in 2008 and are likely to reach 54% of world GDP this year. Even more impressive, they accounted for three-quarters of global real GDP growth over the past decade.”
“Emerging economies now have greater heft on many measures than developed ones.” The Economist takes a look at emerging economies and finds some surprises. “The combined output of the developing economies accounted for 38% of world GDP (at market exchange rates) in 2010, twice its share in 1990…. it could exceed the developed world’s within seven years. If GDP is instead measured at purchasing-power parity, which takes account of the fact that lower prices in poorer countries boost real spending power, emerging economies overtook the developed world in 2008 and are likely to reach 54% of world GDP this year. Even more impressive, they accounted for three-quarters of global real GDP growth over the past decade.”
Wall Street Journal (May 20)
Japan is back in recession and the problem is bigger than the quake. “The earthquake wrought considerable damage, but Japan was ailing months earlier.” GDP data for the last quarter of 2010 was revised downward from a slight contraction of 0.3% to a pronounced contraction of 0.8%. Politicians should be especially wary of measures, such as hiking the consumption tax, which might further dampen consumer spending. “Japan doesn’t have to suffer another lost decade. But it will unless the effort to rebuild earthquake- and tsunami-ravaged areas is accompanied by an effort to rebuild broken confidence.”
Economist (October 7)
The International Monetary Fund’s latest forecast indicates global GDP expansion of 4.8%. The Economist points out averages are misleading. Emerging countries are racing along at rates closer to 10% while richer countries struggle with sluggish growth. For this reason, the Economist warns, “Emerging economies need to allow their currencies to rise more. The rich should tread carefully with fiscal consolidation: sensible budget repairs should be less about short-term deficit-slashing and more about lasting fiscal reforms, from raising pension ages to trimming health-care costs.”
Tags: Currencies, Fiscal reform, GDP, IMF
