global economic crisis

As it became known, The World Bank announced it allotted a record $US58.8 billion as a bailout in the fiscal year just ended as it scrambled in a move to support countries cope with the global economic crisis.

The World Bank said yesterday, that the results of end of the 2009 fiscal year, ended June 30, reflected a 54% growth over the previous year and "a record high" for the global development institution. 

According to the Reuters report, a billionaire investor George Soros stated on Monday that the US economic incentives are starting to work that led to the easing of the economic recession.

Soros expects the recovery to make up for around half of the current downturn and then he anticipates the move into stagnation. In spite of the fact dollar is still revealing weakness, he has a firm belief the US currency isn’t to lose much versus the euro, and he sees the buck to reverse the downtrend direction.

On Tuesday, Reserve Bank of Australia’s governor, Glenn Stevens, stated Australia is in the economic recession now. He said to business leaders in Adelaide that never before the country had managed to avoid a global economic collapse. Mr. Stevens admitted the current state of the economy a day after Prime Minister Kevin Rudd said it was "inevitable" the country would be dragged into recession caused by the global economic crisis. 

Global economic recession affected differently different countries, thus it influenced India in particular way. The crisis gives India an opportunity to re-examine its economic strategy. 

As Business Week says, the boom the country has experienced in IT and BPO (business process outsourcing) is driven by the low-cost labor, called labor arbitrage —not by a concerted effort of an Indian industry to innovate or to grow strengths like manufacturing capabilities.

Sharp and Pioneer revealed their intention to set up a collaboration by creating a joint venture to merge their optical disc businesses. The companies are joining in effort to strengthen one of their focus operations and capture a leading position in the growing Blu-ray disc market. The new joint venture, which aims to start operating in October, will develop, produce and sell optical disc drives, recorders and players.