Vietnam national university of economics and business


Impact on the global economy



tải về 195.42 Kb.
trang8/16
Chuyển đổi dữ liệu12.05.2022
Kích195.42 Kb.
#51852
1   ...   4   5   6   7   8   9   10   11   ...   16
Quản-trị-ngân-hàng-tmai
Khung-CTDT-TCNH-CLC, Ruot thang 4 (2)-99-102

2.4.1. Impact on the global economy


The United States is an important import market for many countries, so when the economy is in recession, the exports of many countries suffer, especially those that are export-oriented in East Asia. At the same time, concerns about instability caused food speculation to break out, contributing to rising food prices in late 2007 and early 2008, creating a global food price crisis. Some economies such as Japan, Singapore, Hong Kong and Taiwan fell into recession. Other economies are slowing down. The economies of the world's regions have slowed down, causing demand for oil for production and consumption to decline as well as falling oil prices. This has left oil exporting countries vulnerable.

  • The price of gold sets a record above $1,000 an ounce. Expensive food prices create real tensions in many places, even food exporting countries. Inflation has since also been rampant in many countries.

  • Oil prices after peaking in July 2008 began to plunge without brakes. The reason for this phenomenon is the demand for oil in many countries, especially China and India, plummeting due to economic difficulties. The price of the fuel is now only about $40 a barrel, losing more than $100, or nearly 70 percent, from its original value, despite OPEC's efforts to cut production.

The effects of the 2007-2009 global financial crisis spilled over into all sectors of the economy, pushing markets into a period of severe recession.

  • World economic growth: The world's GDP growth rate in 2008 fell to 2.8% (half what it was in 2007) and fell to negative growth (-0.6%) in 2009. This is the first time the world economy has fallen into recession since 1970. According to IMF statistics, in 2009, 88 out of 233 countries (accounting for nearly 40%) experienced negative growth. In 2008 and 2009 alone, the total nominal GDP of the world lost about $12.7 trillion. Although GDP growth rebounded to 4.8% in 2010, the process of rebuilding a "strong, balanced and stable" world economy, as the goal set at the G20 meeting, is not easy, and by 2015, the world economy is still unable to regain the growth rate of 2007.

  • Trade and tourism: The financial crisis that rocked the world economy, especially the declining conditions of trade credit, led to the biggest decline in foreign trade activity in more than 70 years. Since the fourth quarter of 2008, global trade has decreased by 8.3% and decreased by 7.6% compared to the same period in 2007. The rate of trade growth has slowed from 6.4% in 2007 to 2.1% in 2008 and in 2009 fell to -12.2% which is unprecedented. Along with the decline of trade, tourism also fell into difficult times with the number of tourists falling by as much as 4% in 2009. Total income from the tourism sector fell sharply in all countries.

  • Investment: Between 2003 and 2007, world economic growth was driven by large-scale investment flows. Thanks to the loose monetary policy maintaining low interest rates in major economies such as the US and Europe, along with the expansion of the stock market and the emergence of many derivative financial products, it has made the flow of capital very easy. When the crisis broke out, investment flows quickly declined. FDI, which is less volatile than indirect investment inflows, also nearly halved during the crisis, from more than $3 trillion in 2007 to $1.14 trillion in 2009.

  • Remittances: The financial crisis that led to economic decline and rising unemployment in developed countries has caused labor exports from developing countries to decline rapidly. Remittances to Latin America and the Caribbean in 2008 reached $69.2 billion, up just 1 percent from 2007. The world's total remittances in 2009 fell to $317 billion, down $21 billion from 2007.

  • Employment: Rising unemployment, declining number of jobs causing workers' lives to fall into a difficult situation is one of the manifestations of the crisis, and also the focus of efforts to save the economies of countries. The global unemployment rate has risen from 5.6% in 2007 to 6.3% in 2009, and in the short term there is little hope that it can return to pre-crisis levels. The job creation ratio calculated by the ratio between the total number of jobs and the total number of people in the working income has decreased from 61.7% in 2007 to 61.2% in 2009. In 2009, the average global productivity decreased by 1.4%, while the index rose to 3.3% before the 2007 crisis. The number of poor workers (earning less than $1.23 a day) has risen to more than 40 million, up 1.6 percent from before the crisis. If you take into account the number of workers living on less than $2 a day, the figure is up to 1.2 billion people, accounting for 39% of the global workforce.

  • Post-crisis risks: Although not directly stemming from the crisis, the global economic downturn has fueled underlying weaknesses within the economy that have erupted into serious events such as europe's sovereign debt crisis, The risk of currency war or rising inflation risks in Asia continues to cause instability in the economy in the post-crisis period.

tải về 195.42 Kb.

Chia sẻ với bạn bè của bạn:
1   ...   4   5   6   7   8   9   10   11   ...   16




Cơ sở dữ liệu được bảo vệ bởi bản quyền ©hocday.com 2024
được sử dụng cho việc quản lý

    Quê hương