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Eurozone economy forecast to shrink in 2012
Team of UK economists predicts the eurozone economy will shrink 0.6% in 2012 if the euro debt crisis is solved.
The EU remains the world's largest collective trading bloc.
The Centre for Economics and Business Research (CEBR) said the eurozone economy would shrink 0.6% in 2012 if the euro debt crisis is solved or 2% if it is not. Europe is expected to suffer a "lost decade" of low growth following a credit binge over the past 20 years. Paying back debts over a short timescale will restrict growth and prevent many countries from recovering the output lost in the banking crash for many years.
However the EU, remains the world's largest collective trading bloc, though a recession next year is expected to hit global growth. Forecasts by CEBR show global growth falling to 2.5% in 2012, a downward revision from the forecast made in September 2011.
China is forecast to grow by 7.6% and India by 6%. However other recent rising economies are likely to face an economic slowdown with Turkey's growth slowing to 2.5% from 7.1% in 2011, Saudi Arabia at 4% from 6.1% this year, Russia 2.8% from 3.8% this year, and Brazil 2.5% from 2.8% this year.
According to CEBR, Brazil has now overtaken the UK as the world's sixth-largest economy. The international financial crisis has demoted the UK's economy to seventh place in 2011, behind South America's largest economy, which has boomed on the back of exports to the US, Argentina, China and the Asian market.
Brazil has a population of about 200 million, three times the population of the UK. Brazil's exports in 2010 totalled $201.9bn. Brazil's main exports include manufactured goods, iron ore, soybeans, coffee, wheat, rice and other agricultural produce. The economy was predicted to grow by growth of 3.5% in 2011.
Russia and India are also expected to overtake the UK's economy. The CEBR said that Russia moved up one spot in its league table to ninth and predicted that it would rise to fourth spot by 2020. India, the world's 10th biggest economy in 2011, will become the fifth largest by 2020.
CEBR chief executive Douglas McWilliams said: "Brazil has beaten the European countries at soccer for a long time, but beating them at economics is a new phenomenon. Our world economic league table shows how the economic map is changing, with Asian countries and commodity-producing economies climbing up the league while we in Europe fall back."
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The Dollar and the Euro are losing value. Times for the CHINESE to take over as the world's greatest Super power.
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Charoll, this is what the eu and its austerity measures mean. This is another reason we pray God to destroy it and its dictators. ** http://news.yahoo.com/greek-hospitals-turned-away-pregnant-women-040000634.html **
Greek Hospitals Turned Away Pregnant Women
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http://news.yahoo.com/dubai-run-499-million-budget-deficit-2012-135858943.html
Dubai to run $499 million budget deficit in 2012
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Charroll continue daydreaming. żWe do not want any more taxes and to HELL with the cursed eu and its dictatorial regime. ** We pray for its destruction so that we again become free and independent God willing. ** Let's pray God to hasten its disintegrates in the coming year. **
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@ Charroll. Don't count your chickens before they are hatched. I do not know if you have enough experience of Malta. If not, then i pity your optimism. In a pre-election 2008 propaganda campaign, for your information, we were promised Smart City that was supposed to employ 5,600 new jobs in information technology. Three years on and not one job has been created. And nothing is in the offing yet. So hold your breath and wait for what's coming.
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An interesting thought about VAT.
If it was to apply to these financial muggers in the stocks markets then in theory it should also apply to other issues that could in effect also relate to capital exchanges of other financial transactions.
The "Robin Hood Tax" which was proposed at €urocents 50 per transaction based upon a transaction of €1000-00 seems to be a better target here. For although it does not sound very much - and we agree that it is not that large a sum 0.05% per transaction it would generate a huge sum of money - variously assessed at bein €800,000,000,000--00 to €1,200,000,000,000--00 in the EU alone and with that amount of money just think what good can be done with it in helping alleviate the miseries of the EU and the poorest nations.
We should insist that all of our Governments across the World take note.
Also now that we can change currencies without using US $ (Dollars) as the intermediate there will be even better recourse. (The Japanes and Chinese country/governments have just started trading between them without using USA $ Dollars. We in the EU must do the same.
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As we have known for a long time,the law which is supposed to be equal for all,is lighter on the rich. Why are STOCK sales exempt from VAT.
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What Twaffle! The only people to benefit from talking the economies down aroundthe World are the Spoofs in the Financial Markets. When the Stocks rise thet make a mint. When the Stocks fall they also make a mint. They pay no Taxes for creaming off their ill-gotten gains living as limited liability companies hidden from view variously between Switzerland The Channel Islands the Cayman Islands and occasionally in the UK.
It is about time these people realised that it is their doings that have caused the current recession and their doings that is affecting millions around the World and in the EU of the current woes.
Fortunately - to some degree - when I read about Malta and its good stewardship of the economy it is still good and still invites good quality new businesses to the Country. The new Biofuels Project starting in 2012 which will create 400 jobs is one as well as reduce Malta's need for high price fuels for our cars. The new photovoltaic system whisb will create a further 400 jobs from 2014 is another.
So let's have it for Malta.
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Enjoy. ** http://eupettydictators.webs.com/links4.htm **
