So much of the shouting about this economic “downturn” centers on the United States of America. I’m no economist (thank, God!), but it seems to make sense that the epicenter of the econoquake is the USA.
Still . . .
What about other countries? Like:
China, Malaysia, Bangladesh, Cambodia, Taiwan (ROC), Philippines, Romania, Russia, Kazakhstan, Mongolia, Brazil, Antigua and Barbuda, Barbados, Jamaica, Trinidad & Tobago, Iceland, and Australia.
One of my constant companions on the Internet Journey is Global Voices. In a recent article, they rely on their global network of bloggers to identify these issues:
“…Jamaica’s dollar-earning bauxite industry has shed hundreds of jobs already because of the downturn in US car production.”
In Bangladesh, the housing bubble is tied to remittances sent by Bangladeshis working in other countries; but, mass layoffs in the US and Europe is ending their property boom.
“Cambodia is also experiencing a property bubble. South Koreans are Cambodia’s biggest investors. Since South Korean businesses have been badly hit by the financial crisis, many of them have already pulled off their real estate investments in Cambodia.”
The Caribbean financial crisis originated, partly, from drops in methanol and real estate prices.
The Brazilian government was claiming the global crisis was having a minimal impact on their economy. But, recent reports show Brazil as the second “most affected” country.
“Bank nationalization schemes have been enforced in some countries like Iceland and Kazakhstan. Trinidad and Tobago banks were rescued not just by their government but also by governments from neighboring countries.”
Hungary is going to implement a tax reform.
“Hiring street sweepers is part of the Philippine stimulus plan.”
There are many more details on the Global Voices site…
Spiritual Quote:
“Central to the task of reconceptualizing the organization of human affairs is arriving at a proper understanding of the role of economics. The failure to place economics into the broader context of humanity’s social and spiritual existence has led to a corrosive materialism in the world’s more economically advantaged regions, and persistent conditions of deprivation among the masses of the world’s peoples. Economics should serve people’s needs; societies should not be expected to reformulate themselves to fit economic models. The ultimate function of economic systems should be to equip the peoples and institutions of the world with the means to achieve the real purpose of development: that is, the cultivation of the limitless potentialities latent in human consciousness.
“Society must develop new economic models shaped by insights that arise from a sympathetic understanding of shared experience, from viewing human beings in relation one to another, and from a recognition of the central role that family and community play in social and spiritual well-being. Within institutions and organizations, priorities must be reassessed. Resources must be directed away from those agencies and programs that are damaging to the individual, societies and the environment, and directed toward those most germane to furthering a dynamic, just and thriving social order. Such economic systems will be strongly altruistic and cooperative in nature; they will provide meaningful employment and will help to eradicate poverty in the world.”
Bahá’í International Community: 1998 Feb 18, Valuing Spirituality in Development
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