Financial news papers around the world have started reporting about Monday's Asian stock market plunge, recalling memories of the September 11, 2001 terrorist attacks when the stock markets took a steep nose dive.
Financial Times reports that the Indian shares sank more than 11 per cent as the market opened Tuesday, resulting in a one-hour trading suspension. Hong Kong was on track for its worst two-day fall since the aftermath of the 1997-98 Asian financial crisis.
Australia’s S&P/ASX 200 recorded its biggest fall since the index was launched in 2000, closing 7.1 per cent lower.
The Asian market losses followed on from Europe’s declines on Monday, and a fall in New York futures suggested no respite for US equities when markets reopen later after Monday’s holiday- Martin Luther remembrance day.
In a recession consumers will have less spending power and the leisure and travel industry will be adversely affected.
What effect will such recessionary pressures have on the Maldivian economy? Maldives is heavily dependent on foreign tourism, and the gloom in the global economic horizon will have a negative impact on our tourism.
Hopefully, our politicians will devote enough time to manage the economy while they wrestle to institute a democratic form of government in Maldives.
Subscribe to:
Post Comments (Atom)
4 comments:
I know. its scary. people should be looking in to spending lesser and lesser.
cant depend on the politicans. they are too busy fighting to be the chief Joker.
Its alarming that in a time like this state spending is increasing without any mechanism; to generate revenu and control of unnessary expenses. Perhaps this is the only country that take steps to encourage inflation and damage to eonocmy as a whole in a time of a financial and eonocmic crisis. yes we are deeply in such a crisis., e.growth fell from 12 to 6 percent.
You don't make any sense
there is no way that you will make sense as an oldy. o level studies is not enough for national economics
PT
Post a Comment