Business
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Business
RIDING OUT THE GLOBAL CRISIS SAVING JOBS – PROTECTING PEOPLE – PREPARING FOR RECOVERY Mr Speaker, Sir, I move that the Appropriation 2009 Bill be read a second time. Mr Speaker, Sir, 2. This Budget appropriates funds for the six months ending December 2009. Thereafter, the fiscal year will be matched with the calendar year – breaking away from a long tradition inherited from the era of a sugar mono-crop economy. Thus, the budgeting process will be better adapted to our more diversified, open and internationally integrated economy. An Action Plan to Ride Out the Global Economic Crisis 3. Whilst marking a historic transition, this Budget also has to deal with the worst and most precarious global economic outlook since the 1930’s – a Great Recession caused by an astonishingly severe financial turmoil. What started as a sub-prime crisis in the United States mortgage market has turned into a financial system disaster that has driven the real economy of the world into a deep recession. Now a severe jobs recession is unfolding. Global unemployment is rising at an alarming pace leading to a sharp increase in poverty that may in turn culminate in a severe human crisis. 4. Internationally and regionally, all forecasts of economic performance are gloomy for 2009 and not too bright for 2010. The predictions, one after the other, keep on getting more pessimistic. The latest IMF forecasts put global GDP growth at negative 1.3 percent, with contractions of 2.8 percent in the US, 4.2 percent in the Euro area, 6.2 percent in Japan, 4.1 percent in the UK, 3 percent in France and 5.6 percent in Germany. GDP growth is now expected to go down to 6.5 percent in China and to 4.5 percent in India from earlier estimates of 9.3 percent and 6.9 percent, respectively. More than 40 million people worldwide have already lost their jobs. It is now feared that the recession will put some 100 million out of their jobs and trap over 100 million more people in poverty. Among those who are still in...
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