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A Faster Growing Economy - Essay Example

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The author of the following paper 'A Faster Growing Economy' focuses on one of the most recent incidences which resulted in a major blow to the labor community world over is the increasing unemployment rate widely attribute to the growing economic recession…
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A Faster Growing Economy
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A faster-growing economy would be required to bring back the growth to the optimum level of 5%. Many economists have predicted a rise in the GDP by spring which could help raise the unemployment rate. The article quotes the job loss trend witnessed in JPMorgan Chase in relation to the decline in the GDP. A 9 to 10% unemployment rate is being predicted to occur by mid-year which can, in turn, put a lot of stress to the banking sector. Such an economic down trend could result in wage cuts and prices of commodities. If the GDP reaches 3.5%, an 8.5% rate in unemployment will be witnessed by the end of 2009. However, economists have stated that with an already higher unemployment rate the GDP may have understated the weakness of the economy. Thus even if a positive economic growth is seen in the second half of this year it might not be able to keep the unemployment rate from increasing in the next year. While recessions in the past have seen a rapid recovery in the aftermath the current situation is more unlikely to follow the same due to the higher healing time required by financial sectors this time around. There is a lot of dependence on consumer spending and stimulus programs to better the situation and a positive improvement in the unemployment rates can add to faster recovery. Read More
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