Word: gdp
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Harvard’s reputation as the finest university in the world is largely deserved—it is America’s oldest institution of higher learning, its endowment is greater than the GDP of over 100 countries, and its roster of prize-winning academics—here presumably to teach the thinkers and leaders of tomorrow—is unparalleled. In fact, despite the constant complaints about how social life at Harvard is only mildly preferable to watching paint dry, I would venture to say that most of us here probably chose Harvard because we wanted to learn...
...just prior to the two oil-price spikes of the '70s, discretionary spending of U.S. households had become excessive?setting the stage for America's most severe consumer-led recessions. A similar overhang is evident today: spending for consumer durables and residential construction has averaged 14.3% of America's GDP over the past year. That's virtually identical to levels reached just before the energy-shock-induced consumption collapses...
...China is the most obvious case in point. Its oil consumption per unit of GDP was double that of the developed-world average in 2004. China, like many Asian countries, tends to subsidize the price of retail energy products. While that means the blow of higher oil prices is softened for Chinese consumers, a heavy toll is taken on the government's finances. Moreover, about a third of China's total exports go to the U.S. That means one of China's largest and most dynamic sectors is very much a levered play on the staying power of the American...
...South Korea are feeling oil's bite. Growth in Korea is likely to be at least 20% below what the Ministry of Finance and Economy was targeting at the beginning of the year, economists estimate. In Japan, $60 oil for 12 months could shave half a percent off GDP growth in an economy that had recently begun to perk up, according to Reiji Takeishi, a senior fellow at the Fujitsu Research Institute in Tokyo. The oil-price hikes so far, estimates Morgan Stanley economist Andy Xie, mean the Asia-Pacific region is spending 1.2% more of its total GDP...
...hikes and steaming ahead. China grew at a shade under 9% last year and its oil consumption rose more than 15%. But due in part to its outmoded factories and lack of insulation in most buildings, China is a highly inefficient user of energy: to produce a dollar of GDP it burns two and a half times the energy that the U.S. uses, and nine times what Japan consumes. Analysts now worry that the economy is finally beginning to show the strain. "We're particularly concerned that rising energy costs will amplify the existing squeeze on corporate profit margins...