Tuesday, December 02, 2008

The cost of the world financial crisis

There is a crisis but Hugo Chavez government insists that it will not impact us in Venezuela, however it has not completly developed already is costing about 4% of World GDP.

The worst is that the guy is ignoring the crisis and has taken no one measure to mitigate its impacts on the economy, employment, banks, currency, food supplies, etc. His only worry is to remain as president for life. I am sure, that if the guy keeps that behaviour for too long, we can only expect problems.

Economic Cost

  • USA: 800 b$
  • China: 586 b$
  • EU: 240 b$
  • Russsia: 186 b$
  • Italy: 100 b$
  • Spain: 50b$
  • UK: 30 b$
  • France: 24 b$
  • Subtotal: 2016 b$ (3% of World GDP)
  • Including ALL countries: 4% of World GDP
  • 1929 Depression: 8,9 % of USA GDP (for comparison)

Jobs Lost

  • World: 1.120.000 highly paid jobs in world financial and technological sectors
  • Wall Street: 110.000 jobs
  • India: Textiles up to 500.000 jobs lost
  • China: 700.000 in just one province


  • 4 reported so far

SOURCE: Newspapers & Wikipedia


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