The US is lagging far behind other industrial nations in the availability and high speed internet broadband connection, according to the Communications Workers of America (CWA) report.
The report states that the average download speed in South Korea is 20.4 mbps, four times faster than the US average of 5.1 mbps. Japan, Sweden and the Netherlands follow South Korea with an average of 15.8 mbps, 12.8 mbps and 11.0 mbps respectively.
The new research indicates that between 2007 and 2009, the average download internet speed in the US has increased by only 1.6 mbps, from 3.5 mbps in 2007 to 5.1 mbps in 2009. At this rate, it is likely to take the US 15 years to catch up with current internet speed in South Korea, the country with the fastest average internet connection.
The report says, "Our nation continues to fall far behind other countries. People in Japan can upload a high-definition video in 12 minutes, compared to a grueling 2.5 hours at the US average upload speed." The 2009 speed test done by speedmaters.org shows that only 20 percent of those who took the test have internet speed in the range of the top three ranked countries - South Korea, Japan and Sweden. Even more alarming, 18 percent do not even meet the FCC (Federal Communication Commission) definition for current - generation broadband as an always-on internet connection of at least 768 kbps downstream.
Continued job growth, innovation and rural development require high-speed, universal networks. Data shows that for every $5 billion invested in broadband infrastructure to create these networks, 97,500 new jobs in the telecommunications, computer and IT sectors will be created.
Larry Cohen, President, CWA said, "Every American should have affordable access to high-speed internet, no matter where they live. Unfortunately, fragmented government programs and uneven private sector responses to build out internet access have left a digital divide across the country."
The US President Barack Obama has pledged to put broadband in every home and the FCC has embarked on an ambitious project to bring high-speed internet access to every corner of the country.
According to the CWA report, the fastest download speed in the US is in the northeastern parts of the country while the slowest is in states such as Alaska, Idaho, Montana and Wyoming.
Agencies
Showing posts with label South Korea. Show all posts
Showing posts with label South Korea. Show all posts
Wednesday, August 26, 2009
Sunday, July 26, 2009
Can India emerge as the 3rd largest Internet users by 2013?
The number of internet users worldwide is expected to touch 2.2 billion by 2013 and India is projected to have the third largest online population during the same time, says a report.
"The number of people online around the world will grow more than 45 per cent to 2.2 billion users by 2013 and Asia will continue to be the biggest Internet growth engine.
"... India will be the third largest internet user base by 2013 - with China and the US taking the first two spots, respectively," technology and market research firm Forrester Research said in a report.
Globally, there were about 1.5 billion Internet users in the year 2008.
Titled 'Global Online Population Forecast, 2008 to 2013', the report noted that emerging markets like India would see a growth of 10 to 20 per cent by 2013.
"In some of the emerging markets in Asia such as China, India and Indonesia, the average annual growth rates will be 10 to 20 per cent over the next five years (2008-13)," the report said. India's number of Internet users was estimated to be 52 million in 2008.
In the next four years, about 43 per cent of the Internet users globally are anticipated to reside in Asia and neighbouring China would account for about half of that population.
"... the shifting online population and growing spending power among Asian consumers means that Asian markets will represent a far greater percentage of the total in 2013 than they do today," Forrester Research Senior Analyst Zia Daniell Wigder said.
According to the report, the percentage of internet users in Asia would increase to 43 per cent in 2013 from 38 per cent in 2008.
"The percentage of the global online population located in North America will drop from 17 per cent to 13 per cent between 2008 and 2013, while Europe's share will shrink from 26 per cent to 22 per cent.
"The percentage of those in Asia will increase from 38 per cent to 43 per cent and Latin America will remain steady at about 11 per cent of the global total," Forrester noted.
The report said apart from China, other Asian countries with substantial online growth rates include India, Indonesia, Pakistan, and the Philippines.
"By contrast, growth rates in some of the more mature markets such as Japan and South Korea will rise by less than two per cent each year," it added.
Agencies
"The number of people online around the world will grow more than 45 per cent to 2.2 billion users by 2013 and Asia will continue to be the biggest Internet growth engine.
"... India will be the third largest internet user base by 2013 - with China and the US taking the first two spots, respectively," technology and market research firm Forrester Research said in a report.
Globally, there were about 1.5 billion Internet users in the year 2008.
Titled 'Global Online Population Forecast, 2008 to 2013', the report noted that emerging markets like India would see a growth of 10 to 20 per cent by 2013.
"In some of the emerging markets in Asia such as China, India and Indonesia, the average annual growth rates will be 10 to 20 per cent over the next five years (2008-13)," the report said. India's number of Internet users was estimated to be 52 million in 2008.
In the next four years, about 43 per cent of the Internet users globally are anticipated to reside in Asia and neighbouring China would account for about half of that population.
"... the shifting online population and growing spending power among Asian consumers means that Asian markets will represent a far greater percentage of the total in 2013 than they do today," Forrester Research Senior Analyst Zia Daniell Wigder said.
According to the report, the percentage of internet users in Asia would increase to 43 per cent in 2013 from 38 per cent in 2008.
"The percentage of the global online population located in North America will drop from 17 per cent to 13 per cent between 2008 and 2013, while Europe's share will shrink from 26 per cent to 22 per cent.
"The percentage of those in Asia will increase from 38 per cent to 43 per cent and Latin America will remain steady at about 11 per cent of the global total," Forrester noted.
The report said apart from China, other Asian countries with substantial online growth rates include India, Indonesia, Pakistan, and the Philippines.
"By contrast, growth rates in some of the more mature markets such as Japan and South Korea will rise by less than two per cent each year," it added.
Agencies
Thursday, May 21, 2009
Potential market in India -- Gaming and E-Commerce
"We have seen big uptake in digital entertainment and people spend more time now playing online Games. Gaming market is growing at 20 percent," said Patrick McGovern, Founder and Chairman of IDG at annual Global review meeting of IDG ventures family of funds from across five countries - China, India, Vietnam, South Korea and U.S. IDG has already invested in 3D solid compression, a mobile gaming company and Kreeda Games India, an online gaming company.
Apart from gaming, e-marketing, healthcare, telecom, are few of the possible ventures that IDG is planning to invest in. "With the launch of 3G technology in India telecom industry will have many opportunities," said McGovern.
But can E-commerce be really a potential market in India? "We do realize that the market is not the same here as compared to U.S. but people can still shop with the debit card or shopping cards. The reluctance to use cards for online transactions is disappearing slowly. People used to think that online travelling won't work but look how successful it is in India right now," says Manik Arora, Founder and Managing Director, IDG ventures India.
IDG has already invested in nine companies in India and all these companies come from different sectors like mobile applications, security services, media electronics, online games and advertising. Aujas Networks, ConnectM Technology Solutions, Perfint Healthcare, Ozone Media and Myntra.com, are few of the nine companies which have all been successful so far and few have even managed to open offices outside India. IDG has been investing in such small companies because they believe that small companies will create much better products and opportunities. "People should have more choices in technology related products so we invested in small companies. We thought they can come up with breakthrough products and make an impact in global technology market," said McGovern
India is not only an attracting outsourcing destination but also has a large domestic market and a faster GDP growth rate than majority of the world. This is the reason why IDG feels that the technology sector in India has a great potential. "Now with the markets improving and stable political environment we feel it's a very good time to invest in India. We have already committed Rs 300 crore to our existing investments across software, telecom, mobile, security and digital consumer markets. We intend to commit our Balance Rs 300 crore over the next 24 months" says Sudhir Sethi, Founder, Chairman and Managing Director, IDG Ventures India.
SiliconIndia
Apart from gaming, e-marketing, healthcare, telecom, are few of the possible ventures that IDG is planning to invest in. "With the launch of 3G technology in India telecom industry will have many opportunities," said McGovern.
But can E-commerce be really a potential market in India? "We do realize that the market is not the same here as compared to U.S. but people can still shop with the debit card or shopping cards. The reluctance to use cards for online transactions is disappearing slowly. People used to think that online travelling won't work but look how successful it is in India right now," says Manik Arora, Founder and Managing Director, IDG ventures India.
IDG has already invested in nine companies in India and all these companies come from different sectors like mobile applications, security services, media electronics, online games and advertising. Aujas Networks, ConnectM Technology Solutions, Perfint Healthcare, Ozone Media and Myntra.com, are few of the nine companies which have all been successful so far and few have even managed to open offices outside India. IDG has been investing in such small companies because they believe that small companies will create much better products and opportunities. "People should have more choices in technology related products so we invested in small companies. We thought they can come up with breakthrough products and make an impact in global technology market," said McGovern
India is not only an attracting outsourcing destination but also has a large domestic market and a faster GDP growth rate than majority of the world. This is the reason why IDG feels that the technology sector in India has a great potential. "Now with the markets improving and stable political environment we feel it's a very good time to invest in India. We have already committed Rs 300 crore to our existing investments across software, telecom, mobile, security and digital consumer markets. We intend to commit our Balance Rs 300 crore over the next 24 months" says Sudhir Sethi, Founder, Chairman and Managing Director, IDG Ventures India.
SiliconIndia
Monday, January 5, 2009
India to emerge strong from the global meltdown
The report said India, along with China, Russia and South Korea would emerge stronger from the global financial crisis as they enjoy strong economic foundations, higher growth rates and sound monetary policy measures.
US, China and Japan were ranked first, second and third respectively.
India ranked 19th in terms of budget balance as a percentage of the gross domestic product (GDP) and 12th in terms of public debt as a percentage of the GDP.
The ranking was based on seven economic indicators: size of the economy, spending power, tax structure, interest rate policy, budget balances, debt burden and foreign exchange reserves.
US, China and Japan were ranked first, second and third respectively.
India ranked 19th in terms of budget balance as a percentage of the gross domestic product (GDP) and 12th in terms of public debt as a percentage of the GDP.
The ranking was based on seven economic indicators: size of the economy, spending power, tax structure, interest rate policy, budget balances, debt burden and foreign exchange reserves.
Tuesday, December 23, 2008
Asian tech firms force workers to take leave
When the global recession began to take a toll on high-tech manufacturers in Taiwan, the factories gave their workers a vacation that many would have just as soon skipped.
Putting workers on forced unpaid leave, often for one or more days a week, is a tactic being adopted around the world as firms seek to cut costs and keep skilled workers on the payroll, even if there is little work to do, so that they will have resources when orders pick up.
“When an economic downturn begins to take hold, employers knee-jerk into making dramatic changes,’’ said Darryl Green, president of Asia Pacific for human resources firm Manpower.
“But there are employers who will stop at nothing to try to retain their valuable workforce. These employers — often in the manufacturing sector where skills are hard to come by — consider innovative alternatives such as shorter working weeks and short-term shut-downs.’’
Employment specialists say the phenomenon is not unique to Taiwan, and is used more broadly by manufacturers in cyclical industries, ranging from electronics makers in South Korea, to car makers in Britain, and manufacturers in Germany.
In Taiwan, the trend of forcing workers to take leave without pay, euphemistically called “unpaid vacation’’ in Chinese, began in the memory chip sector which experienced its worst-ever slump throughout most of 2008.
From there this cost savings measure has quietly spread to other key sectors such as LCD manufacturing and other chips.
In one of the clearest and most sobering signs of the times, TSMC, the world’s biggest contract chipmaker and one of Taiwan’s most profitable tech firms, said this month it will roll out its own forced leave without pay system in 2009. TSMC’s main rival, UMC, is taking similar measures.
Taiwan makes 70 per cent of the world’s made-to-order chips which are used in everything from computers to cell phones and MP3 players. TSMC and UMC, which are the biggest players in Taiwan, saw their collective sales plunge 35 percent in November from a year before, with TSMC posting its worst monthly sales in 3-years.
TSMC laid down the cold reality of its situation to employees in a December 3 letter from CEO Rick Tsai, who said he feared the current economic downturn could last for a “fairly long time.’’
“The company must do its utmost to lower costs,’’ Tsai wrote. “At the same time, we will also do all we can to protect employees’ jobs. Under these circumstances manufacturing departments have decided to take a certain amount of unpaid furlough in December. All other departments will begin to do the same on January 1.”
Sources: Agencies
Putting workers on forced unpaid leave, often for one or more days a week, is a tactic being adopted around the world as firms seek to cut costs and keep skilled workers on the payroll, even if there is little work to do, so that they will have resources when orders pick up.
“When an economic downturn begins to take hold, employers knee-jerk into making dramatic changes,’’ said Darryl Green, president of Asia Pacific for human resources firm Manpower.
“But there are employers who will stop at nothing to try to retain their valuable workforce. These employers — often in the manufacturing sector where skills are hard to come by — consider innovative alternatives such as shorter working weeks and short-term shut-downs.’’
Employment specialists say the phenomenon is not unique to Taiwan, and is used more broadly by manufacturers in cyclical industries, ranging from electronics makers in South Korea, to car makers in Britain, and manufacturers in Germany.
In Taiwan, the trend of forcing workers to take leave without pay, euphemistically called “unpaid vacation’’ in Chinese, began in the memory chip sector which experienced its worst-ever slump throughout most of 2008.
From there this cost savings measure has quietly spread to other key sectors such as LCD manufacturing and other chips.
In one of the clearest and most sobering signs of the times, TSMC, the world’s biggest contract chipmaker and one of Taiwan’s most profitable tech firms, said this month it will roll out its own forced leave without pay system in 2009. TSMC’s main rival, UMC, is taking similar measures.
Taiwan makes 70 per cent of the world’s made-to-order chips which are used in everything from computers to cell phones and MP3 players. TSMC and UMC, which are the biggest players in Taiwan, saw their collective sales plunge 35 percent in November from a year before, with TSMC posting its worst monthly sales in 3-years.
TSMC laid down the cold reality of its situation to employees in a December 3 letter from CEO Rick Tsai, who said he feared the current economic downturn could last for a “fairly long time.’’
“The company must do its utmost to lower costs,’’ Tsai wrote. “At the same time, we will also do all we can to protect employees’ jobs. Under these circumstances manufacturing departments have decided to take a certain amount of unpaid furlough in December. All other departments will begin to do the same on January 1.”
Sources: Agencies
Asian tech firms force workers to take leave
When the global recession began to take a toll on high-tech manufacturers in Taiwan, the factories gave their workers a vacation that many would have just as soon skipped.
Putting workers on forced unpaid leave, often for one or more days a week, is a tactic being adopted around the world as firms seek to cut costs and keep skilled workers on the payroll, even if there is little work to do, so that they will have resources when orders pick up.
“When an economic downturn begins to take hold, employers knee-jerk into making dramatic changes,’’ said Darryl Green, president of Asia Pacific for human resources firm Manpower.
“But there are employers who will stop at nothing to try to retain their valuable workforce. These employers — often in the manufacturing sector where skills are hard to come by — consider innovative alternatives such as shorter working weeks and short-term shut-downs.’’
Employment specialists say the phenomenon is not unique to Taiwan, and is used more broadly by manufacturers in cyclical industries, ranging from electronics makers in South Korea, to car makers in Britain, and manufacturers in Germany.
In Taiwan, the trend of forcing workers to take leave without pay, euphemistically called “unpaid vacation’’ in Chinese, began in the memory chip sector which experienced its worst-ever slump throughout most of 2008.
From there this cost savings measure has quietly spread to other key sectors such as LCD manufacturing and other chips.
In one of the clearest and most sobering signs of the times, TSMC, the world’s biggest contract chipmaker and one of Taiwan’s most profitable tech firms, said this month it will roll out its own forced leave without pay system in 2009. TSMC’s main rival, UMC, is taking similar measures.
Taiwan makes 70 per cent of the world’s made-to-order chips which are used in everything from computers to cell phones and MP3 players. TSMC and UMC, which are the biggest players in Taiwan, saw their collective sales plunge 35 percent in November from a year before, with TSMC posting its worst monthly sales in 3-years.
TSMC laid down the cold reality of its situation to employees in a December 3 letter from CEO Rick Tsai, who said he feared the current economic downturn could last for a “fairly long time.’’
“The company must do its utmost to lower costs,’’ Tsai wrote. “At the same time, we will also do all we can to protect employees’ jobs. Under these circumstances manufacturing departments have decided to take a certain amount of unpaid furlough in December. All other departments will begin to do the same on January 1.”
Sources: Agencies
Putting workers on forced unpaid leave, often for one or more days a week, is a tactic being adopted around the world as firms seek to cut costs and keep skilled workers on the payroll, even if there is little work to do, so that they will have resources when orders pick up.
“When an economic downturn begins to take hold, employers knee-jerk into making dramatic changes,’’ said Darryl Green, president of Asia Pacific for human resources firm Manpower.
“But there are employers who will stop at nothing to try to retain their valuable workforce. These employers — often in the manufacturing sector where skills are hard to come by — consider innovative alternatives such as shorter working weeks and short-term shut-downs.’’
Employment specialists say the phenomenon is not unique to Taiwan, and is used more broadly by manufacturers in cyclical industries, ranging from electronics makers in South Korea, to car makers in Britain, and manufacturers in Germany.
In Taiwan, the trend of forcing workers to take leave without pay, euphemistically called “unpaid vacation’’ in Chinese, began in the memory chip sector which experienced its worst-ever slump throughout most of 2008.
From there this cost savings measure has quietly spread to other key sectors such as LCD manufacturing and other chips.
In one of the clearest and most sobering signs of the times, TSMC, the world’s biggest contract chipmaker and one of Taiwan’s most profitable tech firms, said this month it will roll out its own forced leave without pay system in 2009. TSMC’s main rival, UMC, is taking similar measures.
Taiwan makes 70 per cent of the world’s made-to-order chips which are used in everything from computers to cell phones and MP3 players. TSMC and UMC, which are the biggest players in Taiwan, saw their collective sales plunge 35 percent in November from a year before, with TSMC posting its worst monthly sales in 3-years.
TSMC laid down the cold reality of its situation to employees in a December 3 letter from CEO Rick Tsai, who said he feared the current economic downturn could last for a “fairly long time.’’
“The company must do its utmost to lower costs,’’ Tsai wrote. “At the same time, we will also do all we can to protect employees’ jobs. Under these circumstances manufacturing departments have decided to take a certain amount of unpaid furlough in December. All other departments will begin to do the same on January 1.”
Sources: Agencies
Monday, December 8, 2008
Booster shots for global meltdown victims!
As the global economic slowdown spreads, countries after countries have announced rescue packages. The United States has so far committed $8.317 trillion to tackle the crisis. The United Kingdom, France, Russia, China and the European Union also have announced various stimulus packages.
Here’s a look at the specific fire-fighting measures announced by various countries.
United States
President-elect Barack Obama crafting $175 bn package to create 2.5 million jobs
President George Bush signed a $168 bn, 2-yr stimulus into law in early 2008
Package includes tax rebates of up to $600 per individual earning $75,000 gross income
Declared two stimulus packages worth $ 1.5 billion
Financial Package One
Bill to disburse $700 bn in stages
After the first $250 bn is authorised, President could request another $100 bn
Final $350 bn could be cleared by a further act of Congress
Financial Package Two
Fed will purchase up to $600 billion more in mortgage-related assets
Fed will lend up to $200 billion to the holders of securities backed by various types of consumer loans
Fed will buy up to $100 billion in direct obligations from mortgage giants
US Govt Measures
Up to about $1.8 trillion in Fed purchases of top-rated US dollar commercial paper under a facility launched in October
Up to about $1.9 trillion in new Federal Deposit Insurance Corp (FDIC) guarantees for banks
Up to $800 billion in Fed support for mortgage and consumer credit markets
Up to $600 billion in Fed purchases of US dollar commercial paper and certificates of deposit under a Money Market Investor Funding
Up to $900 billion in Fed Term Auction Facility loans was offered to meet financial institutions' cash needs
Unlimited commitments to lend through discount window to banks and broker dealers(totaled $296.82 billion as of Nov. 19)
$700 billion for the Treasury to buy equity stakes in financial institutions
Treasury, the FDIC and the Fed have agreed to shoulder up to $249.3 billion in losses from a Citigroup portfolio
Unlimited temporary Fed currency swap lines with the Central banks, Fed maintains $165 billion in swap lines with other banks
Up to $50 billion from the Great Depression-era Exchange Stabilisation Fund
At least $26.57 billion in Treasury direct purchases of mortgage-backed securities since September
$200 billion to backstop Fannie Mae and Freddie Mac
Up to $144 billion in additional MBS purchases by Fannie Mae and Freddie Mac
AIG will get up to $152.5 billion in support from Treasury equity purchases
$300 billion for the Federal Housing Administration to refinance failing mortgages
$4 billion in grants to local communities to help them buy and repair homes
$29 billion in financing for JPMorgan Chase's government-brokered buyout of Bear Stearns & Co in March.
France
President Sarkozy unveiled a $32.9 billion stimulus plan
Targeting investment projects rather than directly aiding consumer
Measure to boost GDP by 0.6% by 2009
French package will cost 1.3% of GDP, will push budget deficit to 3.9%
Budget deficit will be above the European Union’s 3% limit
EU allowed the exceed budget limits in 2009
United Kingdom
Prepared a $29.06 bn package centering around consumer tax cut
Announced a range of tax cuts and govt spending over 18 months
Package includes 2.5% cut in VAT to 15%, postponement of corporate increase
Package will increase public borrowing to $178.6 bn next year, nearly 8% of Britain’s GDP
Germany
Unveiled plans worth 31 billion euros or 1.25% of GDP
Govt refusing to deliver tax cuts to help stimulate economic growth
Package will generate investments and new contracts worth over 50 billion euros over 2 years
New lending of up to 15 billion euros will be introduced, strengthen its lending activities
Russia
Unveiled $20 billion economic stimulus package
Package includes cut in profit tax to 24% from 20%
Govt sanctioned state-run banks to support industry with billions of dollars of soft lending
European Union
Fiscal boost amounting to 200 billion euros($260 bn), nearly 1.5% of EU’s GDP
EU commission urges member-states to commit 170 billion euros to their own rescue package
Considering system of guarantees and loan subsidies where credit is tight
Aid to SMEs increased to 30 billion euros from 10 billion Euros
China
Introduced stimulus package worth 4 trillion yuan ($586 bn)
Package mainly for govt spending on infra projects and earthquake-related relief work
Stimulus package to boost domestic demand through 2010
VAT rule changes allows companies to deduct the cost of core investment expenses
Govt increased export tax rebates for wide range of products
Australia
More than $ 12 bn for auto industry, family benefit and domestic residential backed mortgage market
Japan
$51 billion package for new govt spending
Package includes payout to families, tax break on mortgages
South Korea
$25 billion announced till date to ease financial crisis
Taiwan
$30 billion for domestic investment and consumption
Shopping voucher handout about Taiwan dollar 3,600 per citizen
Argentina
President announced $3.7 billion plan to deal with spreading financial crisis.
Source: Agencies
Here’s a look at the specific fire-fighting measures announced by various countries.
United States
President-elect Barack Obama crafting $175 bn package to create 2.5 million jobs
President George Bush signed a $168 bn, 2-yr stimulus into law in early 2008
Package includes tax rebates of up to $600 per individual earning $75,000 gross income
Declared two stimulus packages worth $ 1.5 billion
Financial Package One
Bill to disburse $700 bn in stages
After the first $250 bn is authorised, President could request another $100 bn
Final $350 bn could be cleared by a further act of Congress
Financial Package Two
Fed will purchase up to $600 billion more in mortgage-related assets
Fed will lend up to $200 billion to the holders of securities backed by various types of consumer loans
Fed will buy up to $100 billion in direct obligations from mortgage giants
US Govt Measures
Up to about $1.8 trillion in Fed purchases of top-rated US dollar commercial paper under a facility launched in October
Up to about $1.9 trillion in new Federal Deposit Insurance Corp (FDIC) guarantees for banks
Up to $800 billion in Fed support for mortgage and consumer credit markets
Up to $600 billion in Fed purchases of US dollar commercial paper and certificates of deposit under a Money Market Investor Funding
Up to $900 billion in Fed Term Auction Facility loans was offered to meet financial institutions' cash needs
Unlimited commitments to lend through discount window to banks and broker dealers(totaled $296.82 billion as of Nov. 19)
$700 billion for the Treasury to buy equity stakes in financial institutions
Treasury, the FDIC and the Fed have agreed to shoulder up to $249.3 billion in losses from a Citigroup portfolio
Unlimited temporary Fed currency swap lines with the Central banks, Fed maintains $165 billion in swap lines with other banks
Up to $50 billion from the Great Depression-era Exchange Stabilisation Fund
At least $26.57 billion in Treasury direct purchases of mortgage-backed securities since September
$200 billion to backstop Fannie Mae and Freddie Mac
Up to $144 billion in additional MBS purchases by Fannie Mae and Freddie Mac
AIG will get up to $152.5 billion in support from Treasury equity purchases
$300 billion for the Federal Housing Administration to refinance failing mortgages
$4 billion in grants to local communities to help them buy and repair homes
$29 billion in financing for JPMorgan Chase's government-brokered buyout of Bear Stearns & Co in March.
France
President Sarkozy unveiled a $32.9 billion stimulus plan
Targeting investment projects rather than directly aiding consumer
Measure to boost GDP by 0.6% by 2009
French package will cost 1.3% of GDP, will push budget deficit to 3.9%
Budget deficit will be above the European Union’s 3% limit
EU allowed the exceed budget limits in 2009
United Kingdom
Prepared a $29.06 bn package centering around consumer tax cut
Announced a range of tax cuts and govt spending over 18 months
Package includes 2.5% cut in VAT to 15%, postponement of corporate increase
Package will increase public borrowing to $178.6 bn next year, nearly 8% of Britain’s GDP
Germany
Unveiled plans worth 31 billion euros or 1.25% of GDP
Govt refusing to deliver tax cuts to help stimulate economic growth
Package will generate investments and new contracts worth over 50 billion euros over 2 years
New lending of up to 15 billion euros will be introduced, strengthen its lending activities
Russia
Unveiled $20 billion economic stimulus package
Package includes cut in profit tax to 24% from 20%
Govt sanctioned state-run banks to support industry with billions of dollars of soft lending
European Union
Fiscal boost amounting to 200 billion euros($260 bn), nearly 1.5% of EU’s GDP
EU commission urges member-states to commit 170 billion euros to their own rescue package
Considering system of guarantees and loan subsidies where credit is tight
Aid to SMEs increased to 30 billion euros from 10 billion Euros
China
Introduced stimulus package worth 4 trillion yuan ($586 bn)
Package mainly for govt spending on infra projects and earthquake-related relief work
Stimulus package to boost domestic demand through 2010
VAT rule changes allows companies to deduct the cost of core investment expenses
Govt increased export tax rebates for wide range of products
Australia
More than $ 12 bn for auto industry, family benefit and domestic residential backed mortgage market
Japan
$51 billion package for new govt spending
Package includes payout to families, tax break on mortgages
South Korea
$25 billion announced till date to ease financial crisis
Taiwan
$30 billion for domestic investment and consumption
Shopping voucher handout about Taiwan dollar 3,600 per citizen
Argentina
President announced $3.7 billion plan to deal with spreading financial crisis.
Source: Agencies
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