USA: As per the Federal Reserve Bank Official, the US economy grew by 1.3% in January-June 2011 and by 2% in July-September 2011. But this is not at all sufficient to tackle the 9% unemployment rate. The unemployment will remain painfully for many years.
Eurozone (17 countries of Europe-England, France, Germany, Italy, Portugal, Spain, Greece etc) The unemployment level reached all time high with 10.3% in October 2011. The Eurozone is falling towards a recession. The Eurozone is having 1.63 crores unemployed men and women in October 2011, an increase of 1,26,000 compared with September 2011. In Greece the unemployment rate is 18%. IMF predicted that Europe economy will grow by 1.2% this year and by 1.1% next year. Bank of France told Europe is facing a financial crisis.
Japan Growth rate in July-September 2011 was 1.5%.
Russia GDP grew by 0.2% in April-June 2011 compared to January-March 2011.
India The growth this financial year(April 2011 to March 2012) will be 7.0 or 7.1% against the expected 9%. The economy is slowing down. The growth rate in July-September came down to 6.9%, the lowest in the last 9 quarters. (October-Dec 2009=7.3%, Jan-Mar 2010=9.4%, Apr-Jun 2010=9.3%, Jul-Sep 2010=8.9%, Oct-Dec 2010=8.3%, Jan-Mar 2011=7.4%, Apr-Jun 2011=7.8%, and Jul-Oct 2011=6.9%).
China China economy grew by 9.1% in July-September 2011, whereas it grew by 9.5% in April-June 2011 and by 9.7% in January-March 2011.
But it is to be noted that the economies of USA, is far bigger than that of India. In 2010, the GDP(Gross Domestic Product in USA was 14 trillion dollars where as it was 3.3. trillion dollars in Germany, 2.5 trillion dollars in France, 2.2 trillion dollars in England, 2.1 dollars in Italy, 2.09 trillion dollars in Brazil, and 1.6 dollars in India. However it was 6 trillions dollars in China and 5 trillions dollars in Japan. It was 1.5 trillion dollars in Russia. The per capita GDP in 2010 was 46860 dollars in USA, 36081 dollars in Germany, 35059 dollars in England, 33910 dollars in France, 15612 dollars in Russia, 11273 dollars in Brazil, 7544 dollars in China, and 3408 dollars in India, in 2010. While the USA has not yet come out fully from the effects of the recession, the Eurozone is again on the verge of recession. Comparatively, China and India are having a better growth rates. It is because they are not very much effected by the world economic recession since they are having Public sector in a considerably large proportion in the economy. Still, their economies also facing problems due to the slowdown in USA and crisis like situation in Eurozone.
India is the 9th biggest economy in the world after USA,China, Japan,Germany, France, England, Brazil, and Italy. Hence the foreign giant retail traders, pension fund companies, insurance companies of USA, England, France, Germany etc whose markets are saturated and not growing due to the effect of the recession, want to have a big presence in India to exploit its market and its people. But Manmohan Singh the Prime Minister says India has to invite FDIs(Foreign Direct Investment) in a big way in retail, pemnsion, insurance, banking, and infrastructure sectors in order to solve this problem of slow down in the growth rate. Although such liberalisation policies and reforms resulted in recession in USA and Europe, the same destructive policies are being implemented by the UPA Government in a big way. It will result in further problems to the people of India.
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