BUSINESS NEWS –AUGUST 2009

Wednesday, August 19th 2009
Turnaround is here, wont be simple warns IMF
The International Monetary Fund (IMF), Chief economist Olivier Blanchard stated that the global economic recovery has begun. The IMF has how ever warned that the turnaround will not be simple and that the recession has left behind deep scars which will have lasing effects. Despite recovery the effects of the downturn will be seen in supply and demand for many years to come. The economies which stepped out of recession recently are that of Japan, France, Germany and Hong Kong. Coubtries have been asked to rebalance their economies inorder to make them sustainable.

Friday, August 28th 2009
Japan's unemployment rate rises
In the figures released just before the general elections in Japan the un-employment rate is seen to have risen to a record 5.7% in July. Japan has however come out of the downturn and has reported economic growth. The increase in the un-employment rate is because of continued lay offs at several companies in Japan. This continues to happen despite the economic growth projected by the country. 

Monday, August 31st 2009
China overtakes Germany as world's largest exporter: WTO
According to the World Trade Organisation (WTO) data, China has become the world's largest exporter, overtaking Germany in the first half of 2009. China exported goods worth 521.7 billion in the first half of 2009, while Germany's exported goods worth $521.6 billion. In 2007, Germany exported 1.32 trillion dollars of goods over the full year while China's exports reached 1.22 billion. 

Monday, August 31st 2009
World unemployment to rise in 2011: IMF chief
World unemployment will continue to rise in 2010 and perhaps in the more developed economies in 2011 despite the expected recovery, International Monetary Fund Managing Director Dominique Strauss-Kahn said. He also said that higher oil prices could hinder recovery. The IMF chief is set to give a speech in Berlin on Sept. 4, where he will lay out his key messages for finance ministers from the Group of 20 rich and developing nations.