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he world was so huge that crude oil prices that peaked at $147/barrel came down crashing in the range of $40-45/barrel in March 2009 due to fear of reduced demand not only in the US but also across the world. Laws of economics do play its tricks to acquire new price equilibrium in line with changed demand and supply scenario. Reduced crude oil price certainly eased the balance of payments issue of many small developing countries who were mainly importing oil for their domestic consumption (Meyn & Kennan).
This financial crisis led to the decline of the US economy and that in turn, affected most of the countries in the world (Gokay). Immediately after the economic crisis in the US, the Wall Street Journal reacted that Chinas economic growth reduced somewhat in the third quarter of 2008 due to lesser demand of its products in the export market. That was supposed to have its ripple effect on employment and thereby domestic consumption. This would have further effect on the private sector investment growth (Marcelis).
A year later, real impact of the US economic crisis began bothering Chinese economy significantly. As Andrew Batson reports in Wall Street Journal in 2009, Chinas exports declined by 22.6 percent to $91.94 billion in April. It is pertinent to note that exports from China were already down by 17.1% in the month of March. To prevent severe setback to Chinese economy, government was already providing huge stimulus packages increasing capital spending during March and April. Demand from the private sector was weak and much of the investment spending was coming from Chinas central bank. Fan Jiaping, the economist from the State Information Center categorically said then, "Export demand doesnt show any signs of turning for the better".
It is important to note that China is one the largest exporters to the US and therefore not only its exports to the US was impacted but also its imports declined by 23% to $78.8 billion in April 2009. During the period,
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However, given the experiences of other West African oil producers, and particularly Nigeria and Angola, commentators have begun to question whether this new industry might prove more of a curse than a blessing. In recent decades, Ghana has built up an international reputation as a stable democracy, and has enjoyed consistently high rates of economic growth.
Due to its pivotal location, it played significant role in external relation of these adjacent countries. However, it was not as significant as its neighbouring countries, such as, Egypt and Syria. The Bronze Age is stretched over a long period of time. Late Bronze Age is considered to be the golden period for Cyprus (LBA I: 1600-1400, LBA II1400- 1200, LBA III 1200- 1050), archaeological materials have been discovered that reveal deafening external trade and thriving culture of Mediterranean countries.
But have we ever wondered what this product has gone through before it is being brought to our tables and being consumed? Have we ever figured out the trail of our coffee before we enjoy every sip of it? The documentary video “Black Gold” is a story of unfair trade of coffee in the International Market and how coffee farmers in Ethiopia suffer from hunger and deprivation while large coffee companies earns billions of dollars every year because of the “precious” coffee beans.
The major turn around in the value of oil was seen after the 1973 oil embargo of the oil producing countries from around the world, which shook the entire base of world economics. It was after this the major players in the world economics understood that oil it just not just a black liquid it is the black gold and the need for the survival of every country in the world.
This increase in the supply has come after a long period of two years. Due to this excessive supply, there has occurred a drop in the price of oil, which according to the report has not yet dropped to the expected levels (Reuters).
Therefore, environmental sustainability involves keeping these two vital environmental services (source and sink) from impairment in the process of carrying out social and economic activities, (Goodland, 2002, p. 10). The methods of ensuring environmental sustainability
According to the report USA has proved greatest hunger for oil considering its earlier strategized influence and dominance of the Middle East oil reserves and elsewhere perceived to have substantial reserve of crude oil. Many countries known to produce oil especially in the Middle Eastern suffer from sluggish.
This is quite some mind boggling and astonishing figure, to say the least. In Africa, the country with the greatest production of coffee is Ethiopia. Coffee accounts for close to 70% of Ethiopia’s export revenue, and is additionally the source of livelihood
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