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financial crisis

By Shirley Moore,2014-05-23 09:07
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financial crisis

    Whats more, the cooperation among countries acts as an essential part in coping with the global financial crisis. In the background of economic globalization, no one could escape the destiny of economic recession to some extent from the financial crisis, for which has resulted in inflation, corporate failure and unemployment, reduced the peoples

    ability to pay and dented their confidence in the future. These appalling facts have reminded us that in a global economy no one can sit still. Measures have been adopted by many countries. Take America as an example. In the year 2008, the Bush Administration announced a 70 billion-dollar plan, Troubled Assets Relief Program (TARP), by purchasing

    impaired assets of the financial institutions, to fight the recession. Whereas by the year 2010, the paper expenditure of this plan was 53.55 billion dollars and the rest 16.45 billion hasnt been clear yet. At the

    same time, China and South Asia had cooperation benefit to further

    thexpand trade and common development. On the 14 ASEAN Summit,

    the cooperation to fight against financial crisis is again emphasized. And

    when some western developed economies fell into recession, China and some other Asian countries economy continued to enjoy healthy growth.

    In 2009, China had the GDP(Gross Domestic Product) accelerated to 8.7% and Indias GDP reached 970billion dollars, an increase of more than 7.4% year on year. These facts make it clear that the resources and energy are always limited for one country to confront with a serious of difficulties

that relate to amount of social problems, thus would throw a country in

distress, and the best way is to help each other and pull together to get

out of stuck.

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