Even by the standards of this deficit-ridden state, Illinois’s comptroller, Daniel W. Hynes, faces an ugly balance sheet.
Precisely how ugly becomes clear when he beckons you into his office to examine his daily briefing memo.
He picks the papers off his desk and points to a figure in red:
$5.01 billion.
Economic Reforms introduced since 1991 have radically changed the course of the Indian economy and led to better growth rates, higher investment and trade flows and accelerated decline in income poverty. The effects of these reforms on trade and investment relations with the United States have been profound.
TRADE
Hurricane Katrina devastated New Orleans and the Gulf Coast and will pound the U.S. economy with higher energy prices, commodity shortages–and even steeper coffee prices.
Worse, the storm may blast inflation throughout the economy.
Storm damage is estimated at $40 billion, including $26 billion covered by insurance–the largest payout ever.
The United States comes under high-income OECD economies as to the classification made by the World Bank on the basis of income and region for the year 2006.
The United States is the world’s largest economy over the world in terms of the Gross Domestic Products. The economy structure is mixed type in nature. The services sector constitutes a larger share in the country’s GDP followed by the industries.
The US Subprime Crisis has not only resulted in US economy recession but its ripple effects has touched the countries like UK, Spain, Japan and Singapore as well. Emerging economies like China and India are also affected by the negative influence of the US Subprime Market Crisis. At present it seems that this subprime crisis of US is going to generate a global recession by affecting the major countries of the world.
Effect of US subprime mortgage crisis on the banking sector cannot be ignored. Many undulations have occurred in the money market with subsequent ripples being created in the entire system. The aftermath has been revealed in the article below.
