Word: gdp
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...debt is likely to depress economic growth. Hefty debt payments lead to heftier taxes, which bite into consumer spending and corporate investment. Economists Carmen Reinhart of the University of Maryland and Kenneth Rogoff of Harvard University found in a recent study that once a country's government-debt-to-GDP ratio passes 90%, growth declines by at least one percentage point a year. For industrialized economies that rarely expand more than 2% or 3% a year, that's a huge chunk. "We're coming at a point in which growth prospects are really taking a hit," Reinhart says. Growth could...
...become the most serious test of the 11-year-old euro-based monetary system. While euro-zone nations use the same currency, there is no mechanism in place to financially aid wayward members. That's how a crisis in Greece, which represents a mere 2.8% of the zone's GDP, can have such an outsized impact. The ultimate fear is that Greece will default, dragging down the euro with it. "A lot of the euro's problems today are rooted in those members having failed to integrate enough," says Bob Hancké, a professor of European political economy...
...West Bank GDP grew at around 8% in 2009, although that was an improvement on practically no economic activity at all. "We started from utter lawlessness, virtual disintegration in 2007," says Salam Fayyad, the Palestinian Prime Minister - an economist who graduated from the University of Texas and spent much of his career at the World Bank and International Monetary Fund. The Palestinian Authority had been sundered by the Hamas coup in Gaza; Fayyad - a technocrat's technocrat - freely admits that governance in the West Bank had long been marked by corruption and ineptitude. "The only way to gain Palestinian statehood...
...face our own deficit issues. "It's only when the tide goes out that you learn who's been swimming naked," investor Warren Buffett has said. The U.S. has none of the currency difficulties of the PIGS. We do have a government deficit expected to hit 10.6% of GDP this year and a total federal debt that will cross 100% of GDP in 2012, according to White House projections. The rolling crisis of the past three years has been an embarrassing exercise in exposing the financially underclothed. It doesn't appear to be over--and the U.S. isn't what...
...estimated the earthquake damage from $5 billion to between $7 billion and $13 billion, making it one of history's worst natural disasters. "This has never happened to a country before," says the European-educated Bellerive, 51, a doctor's son and international-relations expert. "Forty percent of our GDP was destroyed in 30 seconds." (See TIME's exclusive photos of the Haiti earthquake destruction...