You see it everywhere. Unemployment is up, more and more people are applying for different forms of assistance (health care, food stamps). We see more homeless people in our cities and more jobless people on the lists at temp agencies. The United States is in a rut that we can’t see the other side of quite yet. Someday, hopefully, but we aren’t exactly there.
The US isn’t the only economy that’s struggling though. There are countries around the world that are struggling, just like we are, and possibly worse. Let’s look at a few of them today.
Greece, Spain, and the European Union. There have been several countries within the EU that have been on their last legs. The Euro continues to tank a bit, and several countries within the EU have considering bailing out. Greece is the big news maker in the midst of it all; its economy all but collapsed earlier this year. Spain is in an economic state of emergency; the Euro continues to spiral down, down, down and the Spanish economy looks to be falling into a depression. Check out this article on The Telegraph to see what’s been happening today.
Congo. Obviously, many African countries are considered “third world” or, the more politically correct term, developing countries. Congo is one of two countries that I’ll discuss today. The Congo has dealt with a myriad of internal struggle, which has far outweighed any of the rich resources the country exports. The per capita GDP here is $231.51, which is far behind any other country in the world.
Sudan. On the flip side of things, Sudan is also greatly suffering. They’ve dealt with civil war for generations upon generations. They have the worst overall economic growth, with a decline of over 7% in 2012 thus far. The biggest reason? South Sudan breaking off from the Northern part, and South Sudan has most of the natural resources.
Japan. This one shocked me, to be honest. I assumed, like a goof, that because Japan is at the top of education and they’re all about electronics. Then, I discovered how much debt the country is in. We think the United States’ national debt is bad? I have no idea who “owns” Japan, but their debt is through the roof. It’s almost 2 and a half times greater than their GDP. I can’t even fathom having that much national debt. Anyhow, add in the fact that marriage is down and the older adult population is up? And you’ve got the recipe for some rough riding in Japan.
What other global economies have you heard about? Of course, the economy as a whole is struggling, but have you heard anything about the economies of other countries? What is it going to take in order to get the world back on track? Share some thoughts in the comments, have a great week, and we’ll see you back here next week.