ASIA
Recession:
Japan: down 2.5 percent. Deepest recession since World War II. Heavily indebted banking system. Government raised taxes last year and cut spending, putting a brake on economic growth.
Indonesia: down 15 percent. Considered in depression. Poor banking system, crony capitalism, low oil prices.
Malaysia: down 6.4 percent. Troubled banking sector. Falling currency, stock market.
South Korea: down 7 percent. Crony capitalism, weak banking system.
Thailand: down 8 percent. Weak banking system, crony capitalism, overvalued currency.
Hong Kong: down 5 percent. Real estate bubble, banking system burdened with bad loans.
Philippines: down 0.6 percent.Falling currency, weak banking system.
Vulnerable to recession:
Singapore: 0 percent. Hurt by economic problems of close trading partners, Malaysia and Indonesia.
CENTRAL, EASTERN EUROPE:
Recession:
Russia: down 6 percent. Collapsing banking system, weak currency, poor tax collection system, falling oil prices.
Romania: down 4 percent. Poor economic policy, legacy of Soviet era.
Ukraine: down 0.1 percent. Spillover from neighboring Russia's problems.
LATIN AMERICA:
Recession:
Venezuela: down 2.5 percent. Low oil prices.
Vulnerable to recession:
Brazil: up 1.5 percent. Falling currency, stock market. Big budget deficit.
Colombia: up 2.7 percent. Large budget, trade deficits.
Peru: up 3 percent. Low metals prices. El Nino-caused drop in fish catch.
MIDDLE EAST:
Vulnerable to recession:
Saudi Arabia: up 0.4 percent. Low oil prices.
Iran: 0 percent. Low oil prices.
Kuwait: up 1.3 percent. Low oil prices.
AFRICA:
Vulnerable to recession:
South Africa: up 0.8 percent. Low commodity prices.
Nigeria: up 2 percent. Low oil prices.
OTHERS:
Recession:
New Zealand, down 0.5 percent. Slumping exports to Asia, drought.
Vulnerable to recession:
Turkey: up 3.7 percent. Falling stock prices. High inflation. Close trading partner of Russia |
