Word: gdp
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...Criminal Court are to America (the U.S. says no to both), the E.U. Stability and Growth Pact is to France and Germany. The pact enjoins all 12 members of the euro bloc to maintain strict fiscal discipline. Above all, they were to keep their deficit spending below 3% of GDP in order to stave off inflation. But what's a sacrosanct international agreement when the national interest comes calling? France and Germany suffer from close-to-zero growth and close-to-double-digit unemployment rates. So why not spend their way out of the slump, never mind yesterday's vows...
...Consensus? In 1980, the richest 10 percent of nations had 77 times higher median income than the poorest 10 percent; by 1999, it had grown to 122 times. Prior to the victory of the Washington Consensus, Latin America and the Caribbean experienced a 75 percent growth in per capita GDP from 1960 to 1980 but since then has stagnated with total growth of 7 percent. Sub-Saharan Africa actually tumbled 15 percent during this period after experiencing a 34 percent growth in the previous two decades—an era supposedly stifled by onerous tariffs and over-regulation...
...Japanese yen. And many foreign-exchange experts say the dollar may drop an additional 5% to 10% against major currencies over the next year. One key reason for the dollar's woes is the bulging U.S. trade deficit, which is likely to top $600 billion, or 6% of GDP...
...Getting away with it, or what sociologist Ashish Nandy calls "following the law of the jungle," is now the dominant mantra of India's social and economic life. Economists estimate that the true size of India's GDP would be double the official $481 billion if the country's vast black economy were also taken into account. And while the nation fares slightly better than adjacent Pakistan and Bangladesh in terms of corruption, this is hardly an upstanding neighborhood. Each year, Transparency International (TI), an anticorruption watchdog, evaluates the world's countries according to how graft-free their societies...
...United Nations Development Programme estimates that state corruption costs Indian business $7 billion a year, cutting GDP growth (on average 6.1% a year over the past decade) by one-quarter...