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A Report on US Japanese Economic Crisis - 2001.

Extracts from this document...

Introduction

A Report on US Japanese Economic Crisis - 2001 A Report on US Japanese Economic Crisis - 2001 Prepared for: Mr. Shibley S Abdullah Faculty of economics AMA International University Bangladesh Prepared by: Jacob Steve Anthony ID - 00-01633-2 Jahan Farida Akter ID - Hussain Mohammed Moinul ID - Ahmed Manzur ID - 00-01679-2 Date of Submission : Sunday, April 15, 2001 18 April 2001 MR. Shibley S. Abdullah Faculty of Economics AMA International University Dhaka Sub : Prayer for accepting report on US Japanese Economic Crisis Sir, It is our greatest pleasure to submit this report on US Japanese economic Crisis - 2000, which your assigned to us as our term paper for Economics II, the report mainly emphasizes on the current economic slow down in the United States as well as in Japan, it explains in details the impact this economic slow down has made both with in the countries as well as abroad, it later implements ideas for recovering form this problem. All the facts and ideas implemented in the report are actual and true to our knowledge. We pray, that you will kindly accept this report and acknowledge it as being appropriate for the term paper of Economics II. Thank you Acknowledgement We are extremely grateful to our course instructor Mr. Shibley S Abdullah, for his guidance advise and tolerance, and also to our most dearest friends of Summer 2000, without whose help this publication would be impossible. Executive Summery As two economic giants, the USA and JAPAN at the two ends of the Pacific, are tottering precariously as global economy is going through a phase of slowdown. Whether the global slowdown will turn into a recession will be determined by the situation of the economies of Japan and USA. In USA the signs of economic slowdown started to show up almost suddenly in the last quarter of the last year. ...read more.

Middle

companies announced more than 150,000 job cuts in March, capping a dismal four-month period in which more than half a million job cuts were announced. Challenger Gray & Christmas Inc. said 162,867 cuts were announced in March, compared with 101,731 cuts in February and only 55,783 cuts in March 2000. It was the fourth straight month with more than 100,000 cuts. Since December 2000, 540,519 cuts have been announced, more than were announced in many years. It also was the worst month for job cuts Challenger Gray & Christmas has seen since 1993, when it began tracking monthly data. 'Dramatic demonstration of the New Economy' Still, John Challenger, chief executive officer of the Chicago-based firm, said the so-called "New Economy," with its rapid growth and technological advancement, has helped the U.S. work force bounce back from such drastic cuts. "With job-cut figures surging, you would expect to see long lines at the unemployment offices and at every location looking to hire," Challenger said in a statement. "The fact that this is not occurring is probably the most dramatic demonstration of the New Economy since the language came into vogue," he said. New and Old Economies feel pinch Hardest hit by job-cut announcements were the electronics, telecommunications and computer sectors ,but "Old Economy" industries also were hit hard, including the automotive, consumer products, financial and retail sectors. California, Michigan, Connecticut, Ohio and Illinois led U.S. states with the most job cuts. Some of the biggest job-cut announcements in March came from auto-parts maker Delphi Automotive Systems Corp. (DPH: up $0.01 to $13.40, Research, Estimates), which cut 11,500 jobs; consumer-products maker Procter & Gamble (PG: up $0.08 to $60.95, Research, Estimates), which cut 9,600 jobs; and mobile-phone maker Motorola (MOT: up $0.72 to $14.77, Research, Estimates), which cut 11,000 jobs to bring its total for the year to 22,000. The rash of cuts continued into April, with French telecommunications equipment maker Alcatel (ALA: Research, Estimates) cutting 1,100 U.S. jobs; supermarket chain Supervalu Inc. (SVU: Research, Estimates) ...read more.

Conclusion

alone, the crippling U.S. economy can no longer sustain the export of its goods to Bangladesh due to its own problems, Bangladesh is on the forefront of being affected by this recession. Welcome to the flip side of Globalization The world has now become the Global village and chopping of the head of the lion will leave the rest of the body dead, this is what is happening to the U.S. the coldness of the economic slowdown is felt very strongly mainly by Japan, who is the second largest economy of the world, and the largest importer of electronic and automobiles to the United States. As soon as the slump hit America Japans trade surplus plummeted to a rock bottom of a mere 64.8 trillion dollars in 2001 while it was at a staggering 800.9 trillion dollars at the beginning of the last decade. The Japanese economy slowly moved towards recession independent of the U.S. but the recent U.S. economic slowdowns have boosted the economy into ruins. Not only for Japan all major export countries to the US will be seriously affected due to reduced demand within the US economy. The scenario of 1932 is even closer than we think. Conclusion The big question is whether this will indeed change is the weeks ahead, especially if the carnage in Wall Street continues. We might better cast our horizons lower - and look towards what the Joneses are doing. One afternoon last week Lindsey McKenzie, a nursing assistant with tree kids, tried on three pairs of sandals at George's Shoes in Boston. She held on to a black and a white pair wistfully. You could almost see her Neurons wrestling with the eternal question. "To buy or not to buy?" "I don't have the money this week,"She finally told the clerk. She exited the store, her belt a notch tighter, figuratively. The fate of the worlds economy now rests on a billion such small decisions, played out in a store aisles and around kitchen tables across America. ...read more.

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