Ateneo Professor on Entrepreneurship
From Yahoo news.
Recession is a period for economy when economic activity shrinks for two consecutive quarters.
The contraction has come from the periphery to the center.
Spain contracted ( 0.4%); Italy (0.7%); Greece (6.2%)
France managed 0.00 growth, Germany 0.3.% Netherlands 0.2% The whole Eurozone managed a just 0.2% contraction. Eurozone would be lagging behind Japan who managed 3.6% and USA. 2.2%
Eurozone contracted as whole by 0.2% (which would be prediction until the end of the year)
What does this mean for the rest of the world?
For our electronics and exporters to Europe?
For our OFW in Spain, Italy, UK?
Yahoo news - Euroz0ne shrank 0.2%
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One of the plans of the countries included in the Eurozone is to cut down on their expenses. This plan will have a domino effect on our country. When it comes to our export, eurozone comprises 12% of our country's export revenues. Europeans will be reducing their demand for commodities and merchandised goods and that would mean also cutting down on their imports, which will affect our exporters. In terms of OFWs, since eurozone is currently experiencing their highest unemployment rate, our OFWs will struggle to maintain their job or look for another job. Worst scenario will be losing their job. This case will also reduce the remittancea coming in the country. Many european investors are affected of the crisis they are currently experiencing which can also mean losing our foreign investors.
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