EU growth outstrips US and Japan
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Growth in the 25-nation EU was better than the US and Japan in the second quarter of the year, figures show.
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Economic growth is expected to top 7 percent for East Asia and Pacific (excluding Japan) in 2004, while developing economies in the region are expected to expand by more than 8 percent, the World bank said here on Tuesday.
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The euro rocketed up to a new record high against the dollar as markets grew increasingly worried about the ballooning trade and budget deficits in the United States.
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(InfoWorld) - China now spends more on research and development than Japan, but still only invests a little over a third as much as the U.S., according to the OECD. Although China's economy is growing at between 9 percent and 10 percent a year, its R&D spending is growing even faster, the Organization for Economic Co-operation and Development said Monday. OECD member countries need to stimulate innovation in new ways, and make their research processes more efficient if they are to compete, the organization warned. U.S. R&D spending this year will total $338 billion, compared to China's $136 billion and Japan's $129 billion, according to OECD estimates. The 15 original member states of the European Union will spend $233 billion on R&D this year, the OECD said, assuming that the countries' spending continues to grow at the same rates as between 2000 and 2004. The OECD's figures, drawn from its report "The Science, Technology and Industry Outlook 2006," show that 926,000 researchers are involved in China's R&D efforts, an increase of 77 percent between 1995 and 2004, while in the U.S. the figure is just over 1.3 million: China has two-thirds the number of researchers for only one-third the spending. Although the OECD compares figures for national R&D spending, a growing proportion of that investment comes from other countries, thanks to multinational companies. More than 16 percent of business-funded R&D in the OECD was performed by foreign affiliates in 2004, the organization said, up from 12 percent in 1993. The share of inward R&D funding exceeded 40 percent in five countries: Australia, the Czech Republic, Hungary, Ireland, and the U.K. While countries compete with one another to attract this inward R&D investment, they are also competing for researchers, and the political issue of human resources is taking on greater urgency, the OECD said. The U.S. now has 9.3 researchers per 1,000 in the labor force, compared to 10.3 in Japan and only 5.8 in the 25 member states of the European Union. Replacing those researchers, or increasing their numbers, will get harder: Fewer students are graduating in science and technology subjects in Denmark, Finland, Germany, Hungary, Italy, South Korea, and the U.S., the OECD found, and in the U.S. the number of doctoral students enrolling is also falling. The European Union now produces more doctoral graduates in science and technology than the U.S. -- but it is the U.S. that offers them the most jobs: half of the 46,716 post-doctoral positions open in 2003 went to foreign graduates, the OECD noted. The OECD has 30 members states "sharing a commitment to democratic government and the market economy." The members include Australia, Japan, Mexico, New Zealand, South Korea, Turkey, the U.S. and 18 European countries including France, Germany, Italy and the U.K. The OECD Web site offers further details of the report.ADVERTISEMENTNEW IT SERVICES FROM IBM: EASIER TO BUY AND IMPLEMENTDiscover a simpler, more cost-effective way to get the solutions your company needs to grow more flexible and efficient.
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WASHINGTON -- By 2020 the world's economy will have grown by 80 percent and average incomes will have risen by half as India and China -- which together will account for more than a third of the planet's population -- surpass Europe and compete with the United States as the major global powers, top US intelligence analysts forecast yesterday.
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SAITAMA, Japan -- The European champions are playing for a much bigger prize. The best the United States can hope for is yet another bronze medal.
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Sterling rose on the news, with separate data for eurozone manufacturing coming in much weaker than expected. Output actually contracted in Germany and Italy.
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The yen rose against the dollar on Friday  despite data showing Japanese growth came to a virtual  standstill in the third quarter, while the dollar was supported  versus the euro by verbal intervention from Europe.
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Sluggish growth in the eurozone is holding back the global economy, according to the US Treasury Secretary John Snow. Speaking during a visit to Dublin, he said the zone was growing at &quot;below its potential
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Asian stocks had the biggest gain in seven months on optimism the US economy is growing after the Federal Reserve raised interest rates and a government report showed an unexpected increase in retail sales last month.
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The European Union is narrowing its innovation gap with the United States and Japan, although performances vary widely among the bloc's members, a study found Thursday.
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The euro hit a new record high of 1.3074 dollars, even as eurozone officials called for the United States, Europe and Japan to take a common position against the currency's rise.
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The Nikkei average rose 1.38 percent on   Monday, hitting its highest levels in more than three months,   as exporters such as Canon Inc. 7751.T gained on a slightly   stronger than expected U.S. jobs report.
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China is closing fast on Japan and is likely to overtake it this year as the world&#39;s No. 3 trading nation behind the United States and Germany, new figures show.
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The euro jumped to its highest level against the dollar since February as the US currency was undermined by concern over US growth prospects and Washington's gaping current account and budget deficits.
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US Treasury Secretary John Snow said the record US trade deficit was the result of strong economic growth and the United States outpacing the growth of other countries.
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European shares strongly extended gains  on Friday after data showed job creation in the U.S. economy  was double expectations at 337,000 in October.