Global Economies, it might Interst you

India
India's economy is expected to grow about 6.8% during FY2008 and as low as 5.5% in FY2009. India's economy grew at an annual rate of 9% or more in the past three years, second only to China among the major economies, and the projections for FY2008 indicate that India's economic growth has been effected by the economic crisis. The Indian government's Finance Minister P. Chidambaram, however, said that he expected India's economy to "bounce back" to 9% during FY2009. This prediction has been met with skepticism by observers. The Asian Development Bank predicted India to recover from weakening momentum in 4-6 quarters. At the G20 Summit, India called for coordinated global fiscal stimulus to mitigate the severity of the global credit crunch. India said that it would inject US$4.5 billion into the financial system to help exporters. Some analysts pointed that India's going trade with other Asian countries, especially China, will help reduce the negative impact of the crisis. Analysts also said that India's high domestic demand and large infrastructure projects will act as a buffer reducing the impact of the global downturn on its economy. Economists argued that India's financial system is relatively insulated and the its banks do not have significant exposure to subprime mortgage.
Pakistan:
In Pakistan the central bank's foreign currency reserves, when counting forward liabilities is said to only amount to as little as $3 billion, sufficient for a single month of imports. Corruption and mismanagement have combined with high oil prices to damage Pakistan's economy. Pakistan's rupee has lost more than 21 per cent of its value in 2008 and inflation is at 25 per cent. The government has failed to defer payments for Saudi oil or raise favorable loans. President Asif Ali Zardari claimed Pakistan needed a bailout worth $100 billion which he was expected to ask for at a meeting in Abu Dhabi in November. Ratings agency Standard and Poor's rates Pakistan's sovereign debt at CCC +, only a few ratings above the default level, warning the country may be unable to cover about $3 billion in upcoming debt payments. This led a change in economic managers,and politically elected finance minister Naveed Qamar was replaced by a financial advisor, Shaukat Tareen, a former banker belonging to Citigroup on October 8, 2008. The new finance advisor led the Pakistani delegation to IMF-World Bank meeting in USA with a hope to obtain a loan from the World Bank which has been stopped now due to reservations from IMF on World Bank for releasing this nature of Loan to any country.

China:
In China, the IMF predicts GDP growth for 2008 will be 9.7% and drop to 8.5% in 2009. A struggle was underway to see who would swallow the losses on US Agencies and Treasuries. On November 9, 2008 China announced a package of capital spending plus income and consumption support measures. Four trillion yuan ($586 billion) will be spent on upgrading infrastructure, particularly roads, railways, airports and the power grid; on raising rural incomes via land reform; and on social welfare projects such as affordable housing and environmental protection.[

Countries which experienced recession in 2008
Denmark and Iceland went into recession in the first quarter of 2008, but came out again in the second quarter.
The following countries went into recession in the second quarter of 2008: Estonia, Latvia, Ireland and New Zealand.
The following countries went into recession in the third quarter of 2008: Japan, Hong Kong, Singapore, Italy and Germany.
As a whole the fifteen nations in the European Union that use the euro went into recession in the third quarter.
The following countries experienced negative growth in the third quarter 2008 and all are expected to go into recession in the fourth: United States, Britain, France and Sweden.
If all of those countries stay in recession, then of the seven largest economies in the world by GDP, only China would avoid a recession in 2008. In the year to the third quarter of 2008 China grew by 9%. This is interesting as China has until recently considered 8% GDP growth to be required simply to create enough jobs for rural people moving to urban centres. Although this figure may more accurately be considered to be 6-7% now that population growth is declining, it is probably accepted that growth of 5% or less would have the type of effect in China that a recession has elsewhere.
 
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