Vietnam or Thailand ? Vote for the TOP Country of the Week !
Updated: May 15, 2025
A less sanguine Kenneth Rogoff, the IMF's new Chief Economist wrote in "The Economist" in April: "When countries run sustained current-account deficits up in the range of 4 and 5% of GDP, they eventually reverse, and the consequences, particularly in terms of the real exchange rate, can be quite significant." Rogoff alluded to the surreal appreciation of the dollar in the last few years.
Rogoff and many other scholars foresee a sharp contraction in American growth, consumption and, consequently, imports coupled with a depreciation in the dollar's exchange rate against the currencies of its main trading partners. In the absence of offsetting demand from an anemic Europe and a deflation-struck Japan, an American recession may well translate into a global depression.
From there the southern side of the salient passed through Suboch and Rogoff to Keydany on the Nievraza, and along the banks of that stream to its junction with the Niemen, about five miles west of Kovno. In a preceding chapter we have learned how this line was pushed back by the Germans during and following the drive on Kovno and Vilna.
Word Of The Day
Others Looking