The year 2008 wasnt the fall of Roger Federer alone(never mind, i m sure he'll re gain number one slot, it ws just a bad year for him)... but the year led to the new mathematics in the GDP calculations too...
Lets see the new trends in GDP:
- The US economy shrank in the third quarter, falling at an annual rate of 0.3 per cent, possibly indicating a recession has begun
- Consumer spending, which accounts for two-thirds of the economy, crashed to a 28-year low in the third quarter.
- In United States and Japan, there is no scope for further reductions in policy rates. Fiscal policy and tax cuts may prove effective, says OECD.
- In Britain, there has been a fall of 0.5 per cent in the third quarter economic output.
- The Economic growth in the UK is expected to slow to 0.9 per cent in 2008 and further shrink by 1 per cent in 2009.
- The country is expected to be the worst hit in Europe. The European Commission has forecast that unemployment will rise from 5.3 per cent in 2007 to 7.1 per cent in 2009, taking the number of unemployed people to about 2.25 million.
- German economy has fallen by 0.5 per cent in the third quarter of this year, its government figures said.
- Second straight quarter of decline in Germany's economic size or Gross Domestic Product after a 0.4 per cent fall in the previous quarter. This is the worst fall Germany has seen in fice years.
- In 2009, emerging market economies would be hit harder by the downturn in global trade and a reassessment of risk by foreign investors, the OECD report states.
- France is also facing an economic slide. However, France's economy grew by a 0.14 per cent in the third quarter.
- The economy is likely to fall as the crisis deteriorates further.
- Unemployment is expected to rise to 7.4 percent by the end of the year, from 7.2 percent in the third quarter.
- China's economic growth rate slipped into single digit in the third quarter, the lowest in four years due to the global crisis and downturn in the realty sector.
- The third quarter GDP has fallen to 9 per cent.
- China has announced a 4 trillion yuan ($586 billion) package to stimulate the economy.
- The annual industrial output growth slowed to 8.2 per cent in October, the weakest since October 2001.
The Indian Economy is responding in the same fashion with new targets and lower expectations