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11 Worse off Countries!!

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With everybody in the US complaining about the economy, it's always nice to know that it's not *that* bad...

"When times are tough, one thing that tends to raise the spirits is knowing that somebody else has it worse. And as wretched as the U.S. economy seems, it's not as bad as in other regions.

The International Monetary Fund's latest tally of world economic conditions forecasts a 2.6 decline in U.S. economic output for all of 2009, and anemic growth of 0.8 percent in 2010. That's more optimistic than the IMF's prediction from three months ago, but those are still lousy numbers. A weak economy throughout 2010 would mean a bleak employment picture, an agonizingly slow housing recovery, and another year or two likely to feel like a recession, whether it's technically labeled that or not.

We should count ourselves lucky, though. The IMF expects at least 11 major parts of the world to have more severe economic contractions than the United State this year, including most of western Europe, Japan, Russia, and Mexico. Europe will still be stumbling along behind the United States next year, as well. Here are the IMF's projections for economic growth in various parts of the world:

-------2009 2010

China 7.5 8.5

India 5.4 6.5

Middle East 2.0 3.7

Africa 1.8 4.7

Brazil -1.3 2.5

World total -1.4 2.5

Canada -2.3 1.6

U.S. -2.6 0.8

France -3.0 0.4

Spain -4.0 -0.8

U.K. -4.2 0.2

European Union -4.7 -0.1

Central/Eastern Europe -5.0 1.0

Italy -5.1 -0.1

Japan -6.0 1.7

Germany -6.2 -0.6

Russia -6.5 1.5

Mexico -7.3 3.0

If these projections come true, it means the United States, despite its overspent consumers, wrecked banks, and insolvent automakers, will be leading the world economy out of recession. Somehow. The developing world will help, but those high growth projections in China and India can be deceiving. China in particular has government policies that practically mandate high growth, and 8.5 percent in 2010 would be just about the bare minimum to keep employment at tolerable levels. And neither China nor India is a major buyer of American-made goods and services; for the most part, it's the other way around. With much of the developed world trailing the United States, it will take American consumers to ratchet up demand for the world's products. Scary thought.

The IMF does offer a bit of more heartening news: The global wipeout finally seems to be receding. "The world economy is stabilizing," the IMF reports. Its global economic growth projection of 2.5 percent in 2010 is 0.6 points higher than predicted in April. But the global economy isn't expected to gain its footing in earnest until the second half of 2010. Maybe by then American spenders will have come out of hiding."

http://news.yahoo.com/s/usnews/20090710/ts_usnews/11placeswithaworseeconomythanours

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Warren Buffett put it best when he said recently: "I get figures on 70-odd businesses, a lot of them daily. Everything that I see about the economy is that we've had no bounce. The financial system was really where the crisis was last September and October, and that's been surmounted and that's enormously important. But in terms of the economy coming back, it takes a while. There were a lot of excesses to be wrung out and that process is still underway and it looks to me like it will be underway for quite a while. In the [berkshire Hathaway] annual report, I said the economy would be in a shambles this year and probably well beyond. I'm afraid that's true...

American banks have somewhere between 1 to 2 Trillion dollars of bad and marginal real estate loans, at 25 to 1 leverage. That means that banks only have 4% capital compared to total amount of money they have loaned out.

The value of the real estate collateral has dropped in value 40% to 60%. American banks aren't loaning money, their using "Bailout" money TARP funds cover their real estate loses. Credit is very tight now.

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Tell the hundreds of people who are losing their jobs and their homes thats its not so bad . Sheeeezes :roll:

lol

the drama...

The indifference in the world is astounding. My back yard is doing fine. US might not have it the worst but its one big world economy as the latest mess showed everyone.

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Tell the hundreds of people who are losing their jobs and their homes thats its not so bad . Sheeeezes :roll:

500 lost their jobs due to higher taxes thanks to Obama and the Democrats.

http://www.abcactionnews.com/news/local/story/Hav-A-Tampa-cigar-plant-closing/pbkdrlS5ZUmXkMFUK0nP3g.cspx

No Republican President -- not Eisenhower, not Nixon, not Reagan, not Bush -- has ever created more jobs, or created jobs at a faster rate, than his Democratic predecessor. It's not even close. The contrast has been especially stark over the past 16 years, when 23.1 million jobs were created under Clinton and less than 5 million were created under Bush. On average, job growth under Democrats is more than twice that under Republicans.

(http://usbudget.blogspot.com/2008/09/job-growth-under-bush-and-prior.html)

The 500 jobs you mention are being lost due to BOTH decreasing demand and new cigar taxes; taxes which will pay for better health provision for low income children.

Can you blame the decreasing demand on Obama? Or the fact that the owners of the company will continue production in Puerto Rico, where wage levels are at least a third lower than the US?

It is far too early to decry any of the stimulus packages put in place by Western Governments as either successes or failures. Only time will tell whether they have been a boon or a curse.

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Tell the hundreds of people who are losing their jobs and their homes thats its not so bad . Sheeeezes :roll:

500 lost their jobs due to higher taxes thanks to Obama and the Democrats.

http://www.abcactionnews.com/news/local/story/Hav-A-Tampa-cigar-plant-closing/pbkdrlS5ZUmXkMFUK0nP3g.cspx

Yea Obama really is messing things up huh after Bush worked so hard to make America a great nation. :roll:

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I don't think Rob is doing this to show that he doesn't care. I think it was simply lite conversation. No need for preaching.

Lots of people on here have shown that they care in very concrete terms.

Your right and I didn't mean to infer that or preach just venting my frustration. I reread Robs post and I did jump the gun. Sorry Rob. I am surprised really at Zeuses grasp of the banking thing and yours JD. I'm just a silly guitar picker and will write a song about it, well I think I did.

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