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Western Economies Poised to Account for less than 50 % of World GDP [Copy link] 中文

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Post time 2009-6-3 05:43:33 |Display all floors
Western world economies will account for less than 50pc of global gross domestic product (GDP) this year, six years earlier than expected, a think-tank has warned.


By Angela Monaghan
Published: 02 Jun 2009

The Centre for Economics and Business Research (CEBR) is forecasting that because of the downturn and China's economic resilience, the combined contribution from the US, Canada and Europe to world GDP will be 49.4pc in 2009, down from 52pc in 2008.

CEBR said prior to the financial crisis Western world GDP was not expected to fall below 50pc until 2015. The West's contribution to global GDP has been steadily falling since 2004, when it was about 60pc, but the recession has accelerated that process, CEBR said.

"The recession has brought forward the time when the non-Western economies produce more than half of world GDP, for the first time since the middle of the 19th century. We had expected this to happen, but not quite so soon. The West will have to start to get to grips with the fact that we are no longer dominant and cannot expect to have things our own way," said Douglas McWilliams, CEBR's chief executive.

The think-tank predicts the West will account for just 45pc of the world economy by 2012, and expects global GDP to fall by 1.4pc this year, the first decline since 1946. The global economy will start to grow again in the second half of 2009 but will moderate in 2010 as governments embark on "fiscal retrenchment," according to the CEBR.

China will overtake Japan in 2009 to become the world's second largest economy in dollar terms, it said.

"One of the factors causing the shift in shares of world GDP is the fact that the Chinese economy has bounced back rapidly," said Jörg Radeke, economist at CEBR. "This will have knock on effects on oil and commodity prices and is one reason why we are forecasting a price of oil of $80 a barrel in 2012," he added.
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Post time 2009-6-3 05:47:42 |Display all floors

Western economies poised to account for less than 50pc of world GDP

What this really mean is they will STEAL less than 50% of the World GDP as the west lay in shambless and the HUGE UNEMPLOYMENT pulls both yankistan and EU down the drain.

In the same time the oil and the gold prices shot through the roof as the US dollar value follows the CRASHING yankistani economy and the BROKE yankistani begs China for more handouts "to stabilize" the toilet paper greenback.


Oil back to normal

Last updated: June 1 2009

At $68 per barrel, oil has more than doubled in price since December. Gold is again touching $1,000 per ounce. The Cassandras of the economic commentariat warn that the monster of high energy prices will munch green shoots in the bud, but worry is misplaced. The current price movements signal not a repeat of last year’s anomalies, but a return to normality.

Commodities of all stripes have taken part in the latest rally. Aside from oil and gold, spot prices of other precious metals, of industrial metals such as copper and aluminium, and of agricultural commodities, have all gone up.

The dollar’s weakening has helped. Measured in euros, oil’s rise in the past month has been about 22 per cent rather than the 30 per cent increase in the dollar-quoted price.

ft.com/cms/s/0/077833b2-4ed5-11de-8c10-00144feabdc0.html?nclick_check=1
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Post time 2009-6-3 05:51:25 |Display all floors
That could also mean that alot of people will be going hungry around the world.... The USA is the biggest contiributor to world wide relief......

Who else in the world will step up and take up the slack?? If we shorten our gift to the worlds food and relief efforts.....

I would post graphs and such to back this up, but I would only be wasting my time, because they wouldnt submit....

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Post time 2009-6-3 06:44:56 |Display all floors
Originally posted by Eagleclaw1 at 2009-6-3 05:51
That could also mean that alot of people will be going hungry around the world.... The USA is the biggest contiributor to world wide relief......
Who else in the world will step up and take up t ...


Yeah, like Monsanto in India.

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Post time 2009-6-3 06:46:15 |Display all floors
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Post time 2009-6-4 01:00:58 |Display all floors

Reply #7 totothedog's post

It's fine, we also account for more than 60% of global military spending, probably more. "When trade stops crossing borders, armies will". Bear that in mind before you start gloating birdy and co!

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