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International economy is no longer shooting for the bottom

24 August 2009 / 09:08:11  GRReporter
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International stock exchanges did exceptionally well this week. In the US, Dow Jones increased with 3.9% and closed with 9505.8 points. Nasdaq also increased with about 3.95 and reached 2019.6 points. S&P 500 closed with 1025.7 points and with growth of 4.5%. Across the ocean, the London FTSE 100 also registered an increase - 3.75% and closed with 4843.9 points. In Japan, Nikkei registered a loss of 2.7% and closed the week with 10238 points - the only big index, which registered a fall this week.

The good numbers from Europe and Asia, together with the stock exchange progress in the US are giving hopes that the worst of the crisis has passed. Though, many analyzers claim that this growth is due to the huge expenditures, which the governments spent in order to stimulate the economy and not to a real progress. For the first half of 2009 France and Germany showed a positive GDP growth and most European economies announced better numbers than 2008. Expecting the G20 meeting in the US, the country announced that its GDP growth for the first half of the year is 0% and growth is expected for the second half. Most analyzers agree that the economy is not in a state of a vertical dive - we no longer feel as if we are falling in an endless hole.

A hard winter is coming up for Greek public workers, sole traders and families with an annual income of over €75 000. The government announced new measures for lowering the budget deficit, which include changes in the tax code, deprivation of bonuses for public workers and freezing salaries. The government is planning a 5% tax increase for doctors, sportsmen and other professions, which are taxed separately.

Other economy news - the petrol price hit a record value for 2009 - $74.72. This is due to the good forecasts of the biggest countries in the EU and to the higher demand from Asia.



Tags: EconomyStock news
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