9. 经济 —— 发达国家和发展中国家 GDP Early 1990s recession East Asia financial crisis 2001 downturn Real GDP, percent change Early 1980s recession High income countries Forecast Low income countries
26. 标杆企业——欧莱雅 销售额地区分布 2.30% 1329 Rest of World 1.90% 720 East Europe 2.40% 650 South Asian 1.40% 3784 North America 3.70% 7221 Western Europe Growth based on consolidated figures Millions Area
Slide 3: The rich countries: a moderate recovery [enter] Looking first at the rich countries // we see a moderate recovery with growth up by a percentage point from 1.5% in 2003 to 2.5% in 2004 Indeed, the current cycle parallels that of the early 1990s, but with a weaker recovery likely this time through 2005. It has been a difficult path to recovery... Policy impetus has been substantial to mitigate the worst of the downturn. Despite policy support, production growth faltered once more from mid-2002 through early this year, responding to difficult circumstances.... (1)- sharp cuts in investment and employment were required to shore-up corporate balance sheets– addressing imbalances of the late 1990s.... And (2) “non-economic” events– for example, the build-up to military intervention in Iraq, and the advent of SARS depressed consumer confidence and clouded demand prospects....... “but... --- as consumer spending remained strong (esp US), the critical factor was the fall in investment spending // and for recovery to get off the ground an improvement in business “confidence” and capital spending was clearly required ...
