July / August 2002
WORLD
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UN
foresees world economic growth below 2% It said developed countries could expect a modest recovery, but former communist states would see further deceleration while few developing nations other than China and India were expected to recovery fully until late in 2003. In 2001, the world economy suffered its largest setback in a decade, with gross world product (GWP) increasing by only 1.3 percent after growth of 4.0 percent in 2000," the UN's department of economic and social affairs said. In a report, The World Economy in 2002, it blamed the drop on the collaps of "bubbles" in the US information and communications sector which quickly led to a decline world trade, "the first in almost two decades." The destruction of New York's World Trade Center in terrorist attacks on September 11 "briefly exacerbated the situation, but the recovery in the United States began before the end of 2001," the report said. US recovery shows signs of strength US President George W. Bush recently vowed to protect a US economic recovery that is "beginning to show some strength" by taking strong action against corporate abuses that have battered markets. Unemployment numbers are steady, "our consumer spending numbers are up, our manufacturing orders are increasing - in other words the recovery is beginning to show some strength," the president declared. The US president also emphasized that frayed confidence in corporate actors was just one factor affecting the US economy, which must also contend with fears and expenses tied to the "war on terrorism" as well as price-to-earning ratios that of late have been "very high." British industrial output suffers biggest slump British industrial and manufacured output both suffered the biggest monthly fall for over 20 years in June, official figures showed recently raising concerns that a nascent economic recovery is stalling. But the National Statistics office cautioned that the figures had been affected by the two extra bank holidays in June for Queen Elizabeth's golden jubilee. Total industrial output, which includes the oil, wate, gas and electricity sectors, slumped by 4.3 percent in June from May, and by 6.6 percent from June 2001. Manufactured output showed a monthly drop of 5.3 percent in June and an annual slump of 8.3 percent. Both monthly falls were the biggest since January 1979, while the annual drops were both the largest since 1981, the office said. But even with the impact of the extra bank holidays the size of the falls surprised economists. Chamber Exchange Special News Alert Junior Chamber International (JCI) as a worldwide federation of young professionals and entrepreneurs with over half-a-million members, JCI Senators and Senior Members in more than 100 countries and territories. Many JCI's work closely with their local chambers of commerce throughout the world. Many of these young business people, after their JCI years, end up working with their local chambers of commerce on their boards and committees. Thus JCI has a special place for World Chambers Federation (WCF) and is one of the closest allies. This special relationship dates back to 1984 with a signing of a Memorandum of Understanding between International Chamber of Commerce (ICC) and JCI. In this regard, WCF is pleased to announce JCI's second annual JCI Best Business Plan of the World Competition. Through this competition, JCI seeks to foster the enterpreneurial spirit among its members and in the community in general. WCF invites all its chamber members to promote this competition to their local business community. WCF will be assisting as a judge in this year's awards. The winners will be announed as part of the JCI's Annual Conference in Las Vegas, 24-28 November 2002. For more information on JCI and this year's competition, please go to http://www.jci.cc/ Best Business Plan Competition Junior Chamber International recently announced the opening of nominations for the 2002 BBP Competition. There are two award categories: (a) "Business" for profit-oriented
business plans Who May Participate: This competition is open to young entrepreneurs under the age of 40. They do not need to be JCI members. JCI is working closely with its National Organisation Member (NOMs), with WCF through its national and local chamber connections, 1,500 universities, Young Entrepreneurs of Europe, and AIESEC to publicize this opportunity to their local business communities. How to Participate: All contestants are required to submit three documents, an entry from an Executive Summary, and a Business Plan for the creation of a new enterprise, endeavor, or social activity to create positive change For more detail, please go to www.worldchambersfederation.com E-mail: wcf@iccwbo.org.
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