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| The Present Economic Situation |
| (2012-03-01) |
| Last updated: 2012-03-02 13:33 EET |
The current economic crisis has gripped almost all countries for nearly five years now, and has affected the development of all economies to various extents. The clock of the global economy was turned back, with developing economies among the hardest-hit. This is the conclusion of a recent analysis made public by the British publication The Economist.
The study shows that only six of the 34 economies the IMF considered as being “advanced” recorded an increase in their GDP per capita growth rate last year as compared to 2007, including Germany and Australia. Of the 14 countries whose economic clock has gone backwards, eight are part of the EU and all are struggling with large public debt. Portugal, Spain and Ireland are just a few examples in this respect, while Greece’s economy has been downgraded the most.
Nor has the US managed to steer clear of the crisis, as its economic contraction has set the country back a good 10 years. As regards Romania, economic growth dropped from 7.3% in 2008 to 2% last year, while for 2012 the European Commission has estimated a growth rate of 1.6%. Brussels has revised downwards the economic forecast for Romania, while the World Bank says Romania’s economic growth will fall to 1.6% due to the country’s vulnerability to the Eurozone crisis.
The main engine for growth in Romania’s GDP this year is domestic demand, while last year the high level of exports and a bumper agricultural crop boosted the Romanian economy. Conversely, the European Commission has warned that the Eurozone hasn’t managed to sweep away the sovereign debt crisis and is heading towards a new recession, for the second time in the last three years. According to the latest forecast, the economy of EU member states will register no economic growth in 2012, and what’s worse, the Eurozone will see a decline of 0.3% rather than the previously estimated growth rate of 0.5%.
A recent report manages to stem this flow of bad news: European stock markers have gone up after local commercial banks borrowed over 520 billion euros as part of a programme set up by the European Central Bank. Meanwhile, US officials announced the American economy grew 3% as compared to the last quarter of 2011.
Shares are on the increase in Asia as well, after Washington announced economic growth exceeding the anticipated levels of consumer confidence. Japan and South Korea’s industrial production have also contributed to the upward trend. The stock markets are gradually resuming growth, which can be taken as a good sign, since whenever the stock market picks up, the wider economy and market transactions are quick to follow.
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2025-04-03
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