GDP -1.6%
Inflation 0.2%
Unemployment 8.1%
Markets -10.7%
Gallon of gas $1.99
Interest Rates 0% to 0.25%
Challenges Home prices have plummeted since the summer of 2007, devaluing many of banks’ holdings that were backed by mortgages. To prevent further losses, banks largely stopped lending. The economic downturn that ensued led the economy to shed 4.4 million jobs in the past 14 months.
Solutions The government flooded the frozen financial system with trillions of dollars of unprecedented liquidity programs, including a $700 billion bank bailout. After a $168 billion stimulus package unveiled in February 2008, the Obama administration produced another $787 billion stimulus plan in February 2009.
Inflation 0.1%
Unemployment 6.3%
Markets -11.2%
Gallon of gas $4.85
Interest Rates 0.5%
Challenges The pound fell to a 23-year low against the dollar in January 2009 as the banking sector continued to post historic losses. The country’s productivity and home values have plummeted, leading the nation’s economy into a recession.
Solutions Prime Minister Gordon Brown unveiled a $63 billion bailout for the banking sector in October. In January, the Bank of England set up a special fund to buy up to $74 billion of high-quality private sector assets. The new plan also created a wide scale insurance program aimed at protecting banks against further losses and guarantee bank assets backed by mortgages and other loans.
Russia
GDP -0.7%
Inflation 12%
Unemployment 8.1%
Markets 16.2%
Gallon of gas $2.81
Interest Rates 13%
Challenges Sinking natural gas and oil prices have shrunk exports. Russian banks have been hit particularly hard by the credit crisis because they hold significantly more in foreign debt than national assets. The rapidly declining ruble has some worried about out-of-control inflation.
Solutions The central bank set up a $50 billion lending facility for financial institutions in October. A month later, the government sent another $28 billion to banks. The central bank has also worked to lower interest rates to control inflation.
Mexico
GDP -0.3%
Inflation 6.2%
Unemployment 5%
Markets -9.3%
Gallon of gas $2.19
Interest Rates 6.75%
Challenges The Mexican economy’s close ties with the U.S. economy slowed growth to a near-standstill by the end of 2008, especially due to the drastically lower price of oil exports to the United States. The economic situation has increased tension between the two nations, as budgetary constraints keep the United States from helping to quell an escalation of drug-related violence near the border.
Solutions The Mexican government announced a $54 billion stimulus plan on Jan. 7 that increased public works spending and froze prices on gasoline, natural gas and electricity. The government also said it would invest in small businesses in an attempt to boost the struggling labor market.
Japan
GDP -2.6%
Inflation 0%
Unemployment 4.1%
Markets -4.2%
Gallon of gas $4.09
Interest Rates 0.1%
Challenges The Nikkei hit another 26-year low in mid-March after rebounding slightly in the beginning of 2009. The housing crisis and inability to export goods that were once in high-demand have led to rising unemployment.
Solutions To ease credit, the government cut interest rates in October for first time in more than seven years, and trimmed them again in December. The Bank of Japan also unveiled a $100 billion plan to buy up bank loans. In October, the government unveiled a $275 billion stimulus package, including loans for small and medium-sized businesses, as well as tax rebate checks to households. Prime Minister Taro Aso called on the government to provide even more stimulus in March.
India
GDP 5.1%
Inflation 10.4%
Unemployment 6.8%
Markets -7%
Gallon of gas $4.06
Interest Rates 5.5%
Challenges In the last two months of 2008 and first month of 2009, the Indian economy expanded, but yielded the slowest growth in more than five years. Rescue options are limited with soaring inflation, an escalating budget deficit and a mounting liquidity crisis.
Solutions The central bank lent $37.4 billion to financial institutions in October in an effort to boost credit. In December, the government unveiled an $8 billion stimulus package that includes tax cuts, small business spending and a program to help troubled homeowners.
Iceland
GDP -10%
Inflation 17.6%
Unemployment 6.6%
Markets -9%
Gallon of gas $8.20
Interest Rates 18%
Challenges This tiny country suffered near total economic collapse in 2008 in the wake of the global crisis. Iceland’s three largest banks, which held assets 10 times larger than the entire country’s economy, failed in October. As a result, Iceland’s central bank went bankrupt and the stock market crashed. The Krona fell nearly 67% against dollar in 2008 before stabilizing in early 2009.
Solutions Iceland has received $5.1 billion from International Monetary Fund to stabilize the free-falling currency. Prime Minister Geir Haarde stepped down in February, and the new government is working on a massive financial sector restructuring plan that caps banks’ size and puts the country in a position to repay its massive debts.
Germany
GDP -2.5%
Inflation 1%
Unemployment 7.9%
Markets -11.9%
Gallon of gas $5.97
Interest Rates 1.5%
Challenges The German economy, which is Europe’s biggest, slid into its deepest recession since World War II in the third quarter of 2008I. Officials say they don’t expect to see any economic growth in 2009. The world’s largest exporter has seen a rapid decline in industrial production as global demand for goods has fallen sharply.
Solutions The government launched a $642 billion financial sector bailout in October in an attempt to prop up the nation’s banking system. Chancellor Angela Merkel’s government launched a $25 billion stimulus initiative in November, followed by another $66 billion plan in January, both of which include tax relief and infrastructure investments.
China
GDP 6.7%
Inflation -1.6%
Unemployment 9%*
Markets 22.1%
Gallon of gas $3.01
Interest Rates 5.31%
Challenges The country’s GDP fell to a 5-year low in 2008 as manufacturing exports slowed amid weak global demand. And mass layoffs at factories are worse than the official 9% unemployment rate suggests, since China does not track employment outside of major cities.
Solutions Premier Wen Jiabao’s government unveiled a $586 billion government stimulus package in November, aimed at boosting housing, health care and infrastructure, including more than $70 billion in tax breaks for struggling exporters. In mid-March, Wen said another stimulus may be needed to bring economic growth back up to 8%.
Brazil
GDP 1.8%
Inflation 5.9%
Unemployment 8.2%
Markets 6.9%
Gallon of gas $4.17
Interest Rates 11.25%
Challenges Sinking crude prices have dealt a tremendous blow to this oil-driven economy. Falling global demand for oil and manufactured goods have driven up unemployment, and in January, Brazil experienced a trade gap deficit for the first time in eight years. Many economists say the largest Latin American economy is in a recession.
Solutions President Luiz Inacio Lula da Silva’s administration boosted an existing government infrastructure plan, called the Accelerated Growth Program, by about $62 billion to $280 billion in February. The central bank has also orchestrated increased lending programs to banks, lower interest rates and currency swaps with the U.S. Federal Reserve.
Tags: brazil, China, financial crisis, germany, iceland, india, japan, mexico, rusia, UK, us
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