Traditionally, has been one of Europe’s priciest vacation destinations. However, following the , vacationing in Iceland has become much more affordable. Since the financial crisis, the Icelandic króna is worth less than half its value a year ago, which, as economics tells us, increases the value of other currencies being used in that country. Some multi-night deals are starting at $400, a sign of both the depressed Icelandic economy as well as the desire of attracting foreign currency in order to help jump-start the economy.
globalEDGE Blog - Page 300
Publish Date:
Some people thought that , with high growth rates, huge trade surpluses and substantial foreign reserves could be less affected by the economic storm which originated in the West. Yet, a number of economic indicators show us that Asia in fact could not avoid being hit by such a global disaster because of the fact that it heavily depends on West to fuel it's own economy. For example, exports contribute 45% of Asian countries’ economy and out of these exports, western consumers count for a half of it.Western investors are also the major players in the Asian markets. The depreciation of Asian currencies caused a huge loss on currency-hedging products. Even so, Asia - the source of one third of global GDP - can play a crucial role in bringing the economy back to the prosperity.
Publish Date:
As the economy slumps, experts predict a rise in protectionism. The reasons range from obvious to interesting. Trade liberalization has the potential to decrease wages for blue-collar jobs in developed countries, which, especially in hard times, can cause political pressure to raise barriers to trade. Also, emerging markets are having a harder time exporting, which decreases their incentives to strive for freer trade. If they can't boost domestic demand, it will be hard for politicians to resist the pressure.
Publish Date:
On January 1, 1999, a new currency was launched in
Publish Date:
Most teenagers dream about owning their own car. For some, it is a realistic expectation that in the near future, they’ll own a car. For others, it’s a long-term goal. Regardless, few can deny the convenience, comfort, and freedom of owning their own car. Japanese youth, however, seem to have other dreams. Japanese automakers say the youth in Japan are more interested in technological goods such as cell phones, computers, and many other Japanese technological marvels. For more on Japanese business, visit its page on globalEDGE!
Publish Date:
Check out these two articles from the New York TImes on the recent opening of oil fields in Iraq. article from December discusses the second round of bids that happened a few weeks ago. The article is from last June, which discusses the impact of opening the fields to foreign investment.
Publish Date:
Although computer technology first caught on developed nations, there has been a steady trend of emerging markets quickly catching up to the west.
One example is high-tech research and development. A recent report by the OECD indicates that Asia is on average outpacing the west in R&D spending. If you look inside most consumer electronics, even if they are from an American company, you will find that the majority of the internal components were designed or manufactured in Asia. This looks like it is going to become even more likely in the future, with countries like China increasing spending 23% between 2001 and 2006, with the US and Europe only increasing 1-2% over the same period.
Publish Date:
The global economy may not be showing signs of improvement; however is hoping to see some stability of its economy in 2009. Five years after it joined the European Union, the country is accepting the Euro as its official currency. Slovakia has had to cope with volatile currency for years and now many companies see the change from the Slovak Koruna to the Euro as a positive change that will lead to more stability.
Publish Date:
The Middle Kingdom has long been the up-and-comer among the world’s economic powers. The nation saw year after year of double-digit GDP growth, fueled by a strong manufacturing base and high demand for its relatively cheap exports. The global economic crisis has not passed over however, and it now seems that the nation is being forced to slow its plans for growth.
Publish Date:
Many agree, times are tough right now. Yet, no country right now is suffering the level of crisis that Iceland is. A small number of investors in Iceland have essentially turned the country’s banking system into one giant hedge fund. In response, many concerned Icelanders have taken to the streets, especially in the capital of Rejkjavic, to protest these “financial Vikings” and call for re-regulation to come to the banking industry.