JANUARY 18: TIME EUROPE COVER: LEND HIM A HAND! Posted Tuesday, January 23, 2007
The U.S. Needs Help Pulling The World's Economy Along. It's On The Way (London, January 18, 2007) In this week's issue, on newsstands from Friday January 19, on the eve of the annual gathering at Davos, TIME Europe publishes a special report on the delicate state of the global economy from the threat of weaker U.S. growth to hopes that the strength of Asia and Europe will save the day. "As 2007 gets underway, [an] uneasy mixture of confidence and incredulity seems to be a global phenomenon. Economists, bankers and policymakers have long argues about the extent to which the world economy remains dependent on America, and the issue will loom large at this year's World economic Forum in the Swiss mountains resort of Davos in late January. The U.S. constitutes about 28% of global gross domestic product as measured in dollars, and it accounted for one fifth of worldwide growth between 2000 and 2006. So the big question is: if America's growth doesn't pick up significantly, can other countries make up the shortfall? That question has taken on fresh urgency as the once hot housing market has cooled, putting a chill on the rest of the domestic economy. U.S. GDP growth dropped 2% in the third quarter, less than half the blistering 5.6% rate of the first three months of 2006. The prospect of a continuing slowdown has sent shivers of concern from Bangkok to Bordeaux," writes TIME Senior Business Writer, Peter Gumbel. Also in TIME Europe's special cover package: INTERVIEW WITH PETER MANDELSON: The WTO suspended its so-called Doha Round last July because of disagreements between the U.S. and the E.U. over subsidies to their farmers, while countries from Australia to India complain that the ways both giants use such supports are a major trade distortion. There's not much time left for a new deal, since the special "fast-track" authority to negotiate trade agreements expires at the end of June. "There is a wide appreciation among all the players that we are in the endgame. I think everyone realizes what a serious situation we are in. There is a shared sense of urgency about this, although it is partly for reasons to do with the electoral calendar in both the U.S. and Europe," Mandelson told TIME's Leo Cendrowicz. A BRIDGE OVER TROUBLED WATER: The relationship between China and the U.S. may be the world's most important, but it's fraught with tensions. Can Hank Paulson bring the two countries together, asks TIME's Bill Powell? AT THE CENTRE OF THE WORLD: Defying predictions of its demise, a resurgent Hong Kong has become the indispensable hub of global trade, says Michael Schuman. PLUS… Marc Faber and Josef Joffe on the risks ahead; why firms planting trees for cash is not all good news for the planet; and why the Goldilocks economy may be a fairy tale.
10 QUESTIONS: REP. JOHN MURTHA: "WE CAN'T SUSTAIN THIS SURGE."
TIME REPORTS: BIPARTISAN FRONT ON IRAQ POTENTIALLY LEADING TO MOST SERIOUS CONFRONTATION BETWEEN A PRESIDENT AND CONGRESS SINCE VIETNAM
JOE KLEIN: ROCKY MOUNTAIN REGION JUST MAY HOLD THE KEY TO WINNING THE WHITE HOUSE IN 2008
RICHARD CORLISS: SUNDANCE, ONCE DARING NOW "JUST A DIFFERENT SORT OF SAME"
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For further information please contact: TIME Public Relations, New York T: (001) 212-522-4800 E: Time_news@timeinc.com
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