foresees world economic growth below 2%
The world economy is forecast to grow at less than 2.0 percent
this year after its largest setback in decade in 2001, the United
Nations said recently.
It said developed countries could
expect a modest recovery, but former communist states would
see further deceleration while few developing nations other
than China and India were expected to recovery fully until late
In 2001, the world economy suffered
its largest setback in a decade, with gross world product (GWP)
increasing by only 1.3 percent after growth of 4.0 percent in
2000," the UN's department of economic and social affairs said.
In a report, The World Economy
in 2002, it blamed the drop on the collaps of "bubbles" in the
US information and communications sector which quickly led to
a decline world trade, "the first in almost two decades."
The destruction of New York's World
Trade Center in terrorist attacks on September 11 "briefly exacerbated
the situation, but the recovery in the United States began before
the end of 2001," the report said.
recovery shows signs of strength
US President George W. Bush recently
vowed to protect a US economic recovery that is "beginning to
show some strength" by taking strong action against corporate
abuses that have battered markets.
Unemployment numbers are steady,
"our consumer spending numbers are up, our manufacturing orders
are increasing - in other words the recovery is beginning to
show some strength," the president declared.
The US president also emphasized
that frayed confidence in corporate actors was just one factor
affecting the US economy, which must also contend with fears
and expenses tied to the "war on terrorism" as well as price-to-earning
ratios that of late have been "very high."
industrial output suffers biggest slump
British industrial and manufacured
output both suffered the biggest monthly fall for over 20 years
in June, official figures showed recently raising concerns that
a nascent economic recovery is stalling.
But the National Statistics office
cautioned that the figures had been affected by the two extra
bank holidays in June for Queen Elizabeth's golden jubilee.
Total industrial output, which
includes the oil, wate, gas and electricity sectors, slumped
by 4.3 percent in June from May, and by 6.6 percent from June
Manufactured output showed a monthly
drop of 5.3 percent in June and an annual slump of 8.3 percent.
Both monthly falls were the biggest
since January 1979, while the annual drops were both the largest
since 1981, the office said. But even with the impact of the
extra bank holidays the size of the falls surprised economists.
Exchange Special News Alert
Junior Chamber International (JCI)
as a worldwide federation of young professionals and entrepreneurs
with over half-a-million members, JCI Senators and Senior Members
in more than 100 countries and territories. Many JCI's work
closely with their local chambers of commerce throughout the
world. Many of these young business people, after their JCI
years, end up working with their local chambers of commerce
on their boards and committees.
Thus JCI has a special place for
World Chambers Federation (WCF) and is one of the closest allies.
This special relationship dates back to 1984 with a signing
of a Memorandum of Understanding between International Chamber
of Commerce (ICC) and JCI.
In this regard, WCF is pleased
to announce JCI's second annual JCI Best Business Plan of the
World Competition. Through this competition, JCI seeks to foster
the enterpreneurial spirit among its members and in the community
WCF invites all its chamber members
to promote this competition to their local business community.
WCF will be assisting as a judge in this year's awards.
The winners will be announed as
part of the JCI's Annual Conference in Las Vegas, 24-28 November
For more information on JCI and
this year's competition, please go to http://www.jci.cc/
Business Plan Competition
Junior Chamber International recently
announced the opening of nominations for the 2002 BBP Competition.
There are two award categories:
(a) "Business" for profit-oriented
(b) "Social Entrepreneur" for nonprofit plans
Who May Participate: This
competition is open to young entrepreneurs under the age of
40. They do not need to be JCI members. JCI is working closely
with its National Organisation Member (NOMs), with WCF through
its national and local chamber connections, 1,500 universities,
Young Entrepreneurs of Europe, and AIESEC to publicize this
opportunity to their local business communities.
How to Participate: All
contestants are required to submit three documents, an entry
from an Executive Summary, and a Business Plan for the creation
of a new enterprise, endeavor, or social activity to create
For more detail, please go to www.worldchambersfederation.com