As per the Labor Department, the jobless rate in United States of America was 9.7 percent for the month of June which is still quiet close to that of 10.1 percent for the month of October last year. Though companies in United States are coming up with jobs but it is clear that the numbers aren’t satisfactory. It is not the constant tit bits of job opportunities that will help the U.S. economy but the continuous in-flow of numerable job opportunities that will boost confidence in the market.
A major reason behind the still staggering U.S. economy is the worst oil spill in the history of U.S. around its Gulf Coast states like Florida, Alabama, Mississippi and Louisiana. The well blowout of April 20 destroyed the deep-water drilling rig and killing 11 of its crew members thus creating havoc around the area thus resulting into plenty of job less workers.
The endless job block has forced families to cut down their budgets thus bringing down the profits of companies like Best Buy which has been tagged as the largest consumer-electronics retailer of this planet.
“Increasing uncertainty and apprehension about the future state of the economy and labor market, no doubt a result of the recent slowdown in job growth, are the primary reasons for the sharp reversal in confidence,” Lynn Franco, director of the Conference Board Consumer Research Center, said in a statement. “Until the pace of job growth picks up, consumer confidence is not likely to pick up.”
In terms of GDP Japan’s economy is second best in the world, right after that of United States of America. Surveys also prove the wages in Tokyo are the highest when compared with other principle cities of this planet. After the disastrous nuclear attacks faced during the World Wor Japan has worked hard so as to establish itself as the second best economy of this planet. This country experienced a growth rate of 10% during 1960s, that of 5% during 1970s, and 4% during 1980s. All this has helped Japan bounce back as a leader in the mainstream of international business.
Post war Japan smartly imported most of the minerals for its economic growth instead of utilizing its own local reserves thus making them future proof. The nation has successfully developed plenty if processing and manufacturing industries so as to convert the imported raw material to useful products. Though the Island’s 70% of the area is covered by forests and mountains yet the country has been importing most of what it requires so as to fulfill its demands.
Japan has also invested heavily in its infrastructure by constructing over 1.2 million kilometers of paved roads to guide its left hand traffic. A quarter of its electricity production in Japan is due to its nuclear power and the country is planning to double the same in next few decades.
With time the population of Japan has increased leaps and bounds thus impacting its economy. Major privatization plans were passed so has to stimulate the economy of Japan so as to suppress the effects of ever growing population of this small island. With time Japan has learned a lot and grown drastically. They have seen the ups and down of internationally growing economy and have come back well all the time.
Based on data from the International Monetary Fund for the year 2010, here is the Top 10 Countries by GDP (in billion dollars). There are 11, in case you don’t want to consider EU as a single unit.
- (European Union) - 16,543
- United States - 14,800
- China - 5,364
- Japan - 5,272
- Germany - 3,332
- France - 2,668
- United Kingdom - 2,222
- Italy - 2,121
- Brazil - 1,910
- Canada – 1,556
- Russia - 1,507
