Businesses The Engine Of The Economy

By Author: Mel Joelle
Total Articles: 4328
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On Wednesday, the movers and shakers of the world economy gathered in Davos, the major ski resort of Switzerland for the Annual Meeting of the World Economic Forum. This year's annual meeting was overshadowed by the global economic financial crisis.

The leading actors of the business and political world gathered in Davos to discuss the worst economic crisis that the world has seen since 1930s. This year's meeting is the most sober meeting that the Forum has seen since its beginning dominated by the financial meltdown. The pessimism of the political and business leaders was shared by international organizations as diverse as the International Monetary Fund (IMF) and the International Labor Organization, a United Nation's agency located in Geneva, Switzerland.

According to the IMF, no corner of the world is untouched by recession and no country is immune from the global financial crisis. The International Monetary Fund announced its estimate for this year and it expects the global growth rate to be only half a percent, the lowest rate since World War II, down from 2.2 percent forecast in November. IMF also ...
... forecasts the US economy to contract by 1.6%, but expects the United Kingdom to be facing the worst economic situation of all. ILO, on the other hand, warned the world that as many as 50 million more workers could lose their jobs and unemployment will continue to rise worldwide.

The United Stated Federal Reserve also announced yesterday that it will keep its benchmark interest rate near zero for some time and to implement all available tools to revive the domestic economy in the next months. The message coming out of the annual meeting of the World Economic Forum is that the world needs the US recovery, a recovery which is mainly about restoring confidence more than anything else. There is no prescription, however, how to restore confidence.

When it comes to building our economy, we don't have a moment to spare President Obama announced yesterday after his meeting with business leaders. He asserted that business is the engine of growth in this country and he reassured businesses that his administration is ready to work with them, not against them. Reform is necessary but it requires bold and concerted action.

Yesterday was an eventful day. Along with the announcement and the beginning of the World Economic Forum, the President's $819 billion economic stimulus package passed by the U.S. House of Representatives; no Republicans voted for it along with 11 Democrats. The two-year stimulus package is the largest in the nation's history, reflecting the widely shared view that urgent fiscal help is needed for an economy in turmoil. The package is not without its detractors including Senators on both sides of the aisle who point out a great deal pieces of the package that are not stimulative, but rather represent old-fashioned pork barrel spending to further certain social and political agendas. One example is hundreds of millions for the distribution of condoms.
America's business community's support for the President's $819 billion economic recovery plan seems to be strong. John Engler, President and Chief Executive Officer of the National Association of Manufacturers (NAM) recently pledged that manufacturers will actively support the efforts of the Obama Administration to restore confidence in our economy, create and preserve American jobs, and strengthen our nation's competitiveness in the world. NAM is the nation's oldest and largest broad-based industrial trade association, representing 14,000 companies in every industrial sector in every state of the country.
MAiSPACE, the leading systems furniture manufacturer in the country, is a member of the National Association of Manufacturers (NAM) and it also strongly supports the new administration's efforts to revive our economy. MAiSPACE is a wholly owned subsidiary of ORG Co., Ltd., a consortium of 5 manufacturers, established in 1993. MAiSPACE has approximately 250 employees, and a North American installed base of more than $150 million. Worldwide, its office systems, vending machine, and electronics cabinetry businesses represent combined sales of more than $200 million. MAiSPACE has built its success on outstanding design, superior construction and extremely competitive pricing while setting the standard in customer service that leads to repeat business.
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