The health of Nepal’s banking and financial institutions has deteriorated drastically, causing panic among a section of depositors and government institutions.
The Prefectures affected the most are Iwate, Miyagi, Fukushima and Ibaraki, which represent about 7 per cent of Japan’s economy and house steel plants, oil refineries, nuclear power plants and factories manufacturing parts for cars and electronic goods.
The tremendous growth in Bangladesh’s exports has been due to three factors – the global recession, new markets and China’s spectacular economic growth.
The serial financial crises have exposed deep fault lines in the international financial system, and have prompted a search for a better and more stable global financial structure.
Recent Chinese writings indicate that the Chinese see themselves as a major player in international affairs. They see the global economic crisis as an historic opportunity to redefine the Chinese role. The following is a summary of broad points made in recent Chinese writings on a variety of international issues.
The present global economic crisis has slowed down the growth of the Indian economy, affecting among others, the fiscal situation and the revenue mobilisation potential of the central government. Defence being one of the largest recipients of central government expenditure, the present crisis casts a doubt on the adequacy of future resources. This commentary discusses some major options that India’s Ministry of Defence needs to consider in order to withstand the likely resource constraints in the coming years.
Rising food and oil prices worldwide have increased the misery of people in Bangladesh who have already been suffering the effects of near double digit inflation. The military backed caretaker government has been forced to increase the prices of oil products by 33 to 67 per cent with effect from July 1, 2008. Diesel and kerosene prices have been hiked by 37.5 per cent to 55 taka a litre (0.26 gallons) and petrol prices by 34 per cent to 87 taka a litre.
One of the biggest achievements of Musharraf’s rule, according to him, was that he turned around a tottering economy. Rescuing it from the verge of default, he brought it to a state where it was declared a success story by the International Financial Institutions. GDP was growing at a healthy rate of 6.5 to 7.5 per cent and even touched nine per cent in 2005. ADB projected a 6.5 per cent GDP growth for 2008 in its report released in December 2007.
