Bob Cropf

Not every country is suffering

In 1, economics on March 16, 2009 at 12:00 PM

According to the Business Pundit, there are 10 countries where the economic crisis hasn’t made a dent yet. However, the posting is dated last September so I’m pretty sure that some of the countries have been hit since; China springs immediately to mind. I’d be surprised if the list was unchanged from last year. Now, maybe in terms of relative effect, these countries have been least affected. But even so China seems pretty hard hit by layoffs and the severe drop in consumer demand.

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  1. North Korea made the list… a year ago we were watching documentaries shot in N. Korea of people literally starving to death in the street. I don’t think a global recession has any meaning in that context – how can you tell if things are worse?

    The US, Europe and much of the rest of the world is suffering from (1) a demand driven recession and (2) a financial crisis. China is fully involved in (1), especially because it has such an export-focus economy, but it does not have to worry about (2) except how long (2) will hold the rest of the world in (1). That goes for a lot of the other export-focused economies on the list. They may be innocent bystanders in financial crisis but they certainly are going to suffer some collateral damage from it.

  2. Although I am sure most of the countries listed are feeling some sort of crunch right now, I can definitely say The United Arab Emirates is , at this point in time, hurt by the current financial crisis. My father in law is an architect who recently moved to the UAE for work because the market went completely bust in Miami. However, he has been there for three months and his project has yet to start (and they are not sure if it will) because investors are backing out.

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