Word: gdp
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...effect on Asia's economic performance has been muted. The region as a whole is projected to grow at a brisk 7% pace in 2004, according to Merrill Lynch. But economists estimate that every $5 increase in oil prices shaves 0.2% from the GDP growth of the Asia-Pacific region, and the longer prices stay high, the stiffer the economic headwind. In the past few weeks, Asia's export-led economies have begun to show signs of stress. With higher oil prices putting a drag on consumer spending in America and raising costs throughout Asia's supply chains...
...pipeline explosion in Iraq. That's because the region is poor in oil resources. Only Indonesia and Malaysia are net exporters of oil; the rest of the region depends heavily on expensive imports of Middle Eastern supplies. Asia's oil imports as a percentage of GDP are three times higher than the U.S.'s and the European Union's, according to a recent report by Goldman Sachs. Industrialized Japan and South Korea are especially vulnerable as the world's second- and fourth-largest oil importers...
...Little wonder that U.S. Federal Reserve Chairman Alan Greenspan warned last month that "the recent run-up in oil prices, if sustained, may exert a significant drag on Japanese economic activity." Although oil is not the only factor, Japan's robust spurt does seem to be flagging: GDP growth slowed to 1.7% in the second quarter from 6.6% in the first quarter, and recent data on inflation, joblessness and consumer spending were all weaker than economists expected...
...market gradually." Which may be the wisest way to avoid flying without wings - and crashing. - Reported by Yuki Oda/Tokyo and Bryan Walsh/Hong Kong Made To Be Broken The E.U. proposed relaxing its stability and growth pact by loosening the rule requiring states to keep budget deficits below 3% of GDP. The changes will benefit chronic overspenders such as France and Germany, though other nations oppose any relaxation...
...than that. As we sweep up the confetti and pack away the unsold T shirts, we find ourselves struggling with a huge fiscal hangover. By latest estimates, the Olympic tab will be twice the initial forecast of $5.5 billion. Greece's public debt is already more than 100% of gdp and its budget deficit is in breach of the European Commission's 3% ceiling. Prime Minister Kostas Karamanlis should feel no shame in asking the U.S. (Britain and Israel, too) to help foot the security bill, now set at $1.2 billion. But even then, we'll be paying...