Junichiro Koizumi formally stepped down as prime minister. Abe faced a government debt equivalent to 170% of GDP. In Japan nationalist Shinzo Abe, a proponent of a robust alliance with the US and a more assertive military, easily won election in parliament to become the country’s youngest postwar prime minister. This amounted to a quarterly debt payment of about $22 for each American household. It was reported that the gap in between US debt payments and return from investments abroad had reached $2.5 billion in the 2nd quarter of 2006. Links: Hungary, Economics, Govm’t Scandal Hungary’s current-account deficit reached 9% of GDP and the budget deficit hit 10%. The US Commerce Department said the current account deficit had widened more than expected in the second quarter to $218.4 billion, as surging oil prices pushed goods imports higher.Ī square in front of Hungary's parliament overflowed with demonstrators demanding that PM Gyurcsany quit in the largest protest yet since a recording was leaked on which he admitted lying to the people about the economy. Zimbabwe said its annual inflation rate has reached a new record high of more than 1,200% in August despite the conversion to a new currency designed to halt the upwards spiral. The Swiss central bank raised its key Libor interest rate by a quarter of a percentage point to a range between 1.25% and 2.25% to dampen the threat of inflation. Brazil also released weaker-than-expected data on GDP.
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Need someone professional to write a History essay for you? - will help you.īrazil’s central bank cut its key interest rate 0.5% to 14.25%, a quarter point more than had been expected. Links: Brazil, Canada, South Korea, EconomicsĬhina’s central bank announced its 2nd interest rate hike in 4 months to choke off excess investment. South Korea with a population of around 48 million ranked as the world’s 10th largest economy, just behind Canada and ahead of Brazil. A third of Mexico’s federal budget depended on oil sales. The site accounted for about 60% of Mexico’s oil. Production at Cantarell, Mexico’s biggest oil field, was reported to be declining. 3 zeroes were off denominations amid 1200% inflation.Īustralia's central bank raised interest rates by 25 basis points to a six-year high of 6.0% in an effort to head off inflationary pressures in a booming economy.
Zimbabwe devalued its currency by 60% and slashed loan rates 550 points to 300%.
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