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US unemployment rates scarier than Dubai crisis

Dec '09
The Emirate of Dubai said on November 26 that the state-owned Dubai World Group requested for debt moratorium of US $59 billion for six months after which concerns were raised that this new turmoil could once again lead to a tumble in global stock markets, oil prices and gold prices.

The Dubai crisis has lent a sudden blow to the confidence of a stabilizing and gradual recovery of the world economy and also casts a shadow over the basic judgment of many economists that the most difficult period is over.

Some experts point out that "Dubai crisis" is "a controllable crisis", because, after all, its size is much smaller than the US sub-prime mortgage crisis. In contrast, the US now faces the most serious unemployment rates in decades. So, from now to next year, unemployment rates may be the focus of national concern.

2010 is the year of US mid-term elections and according to experience the rising unemployment growth rates, will lead to rising trade protectionism, which is bound to affect the economic environment of China and other countries.

Many economists analyze that the United States will not abandon the strong position of US dollar in the long run and will hold to two policy objectives; dollar safety and employment safety.

But in the short term, in order to ensure growth and secure employment, the US government would allow the dollar to weaken, which will result in forced revaluation of the Yuan. Some experts also predict that trade conflicts could increase in the near future.

Fibre2fashion News Desk

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