United Nations says that world economy is on the edge of a severe downturn. It will badly hit the developed countries. But for developing countries the risk is less. Well, sure because they are developing 🙂 . There are a lot of things to do, construct, and organize. If the ruling line will be fine developing countries will show continuous growth.
The economic growth for developing countries in 2007 was 7.3%, this year’s prediction is about 5%. While the global economic growth this year will be only about 1.8%, and mostly to blame the U.S housing and financial sectors. U.S is a big lucrative market for rest of the world. But rising oil price (and no perfect alternatives yet), cost of the wars, and no successful economic plans are the ones to be the main reasons for the failure. As a consequence, industrial output from autos to heavy machinery is plunging and unemployment is on the rise.
What’s the solution? – may be the new U.S President (Obama looks like having better chances) will put some strong measures in his agenda and that will work miraculously. Then we are all relieved 🙂 .
News Source: CNN