Comparings.

That's an interesting piece of information for You here. It may seem a little old, but nevertheless it got facts to prove some of my ideas from the post about possible future role of China in the global development of the world. Read and try to analyze it, try to compare the processes of development of different countries.

February 18, 2005 -- The initially anemic global economic recovery from the 2001/02 recession really picked up steam in 2004. Virtually every major economy in North America, South America, Europe and Asia grew faster in 2004 than in 2003.

China continued to be the fastest growing major economy in the world at a 9.0 per cent annual rate. [Note: If China's real GDP continues to increase at this annual rate, its real GDP will double in approximately 8 years!] It is also noteworthy that the Japanese economy grew at a 4.4 per cent annual rate in 2004, compared to a 2.5 per cent growth rate in 2003. It now appears that Japan has come out of its long tunnel of economic lethargy. The International Monetary Fund (IMF) estimates Japan's GDP gap (the difference between its potential GDP and its actual GDP) to be a mere -0.8 per cent. The United States, which is the world's largest economy, grew at 4.3 per cent in 2004 -- 1.3 percentage points faster than in 2003. Because of its sheer size and the extent of its global integration, the U.S. economy has more influence on the overall global economy's performance than any other country. In spite of the Euro's appreciation against the US dollar, the Euro area economies posted a 2.2 per cent growth rate in 2004, compared to the puny 0.5 per cent in 2003. The economies of the United Kingdom, Canada, and Australia also picked up steam in 2004.

Source: International Monetary Fund (IMF). World Economic Outlook, September 2004.

Russia's RTS plans to launch weather futures trading!

I am sure everybody heard about extreme low temperatures being registered all over central part of Russia these days. I think everybody should understand that rapid weather changes certainly have a big influnence on the eonomical situation of the huge country. but not paying attention to this fact, Russia's RTS is planning to launch weather fufutures trading!I suppose the following articlw would inerest You: "MOSCOW, Jan 19 (Prime-Tass) -- While all over Russia temperatures fall below minus 25 degrees Centigrade Russia's RTS Stock Exchange has started preparing to launch trading in weather futures, according to an RTS statement released on Thursday.

RTS may start trading in weather futures as early as this year, Roman Goryunov, RTS Stock Exchange's vice president said Thursday.

RTS and Russia's Federal Service for Hydrometeorology and Environment Monitoring, or Roshydromet, have started developing the specifications of the weather futures, RTS said.

Weather affects the operations of agriculture, transport, construction, electric power generation, coal mining, the oil and gas industry and others, the statement read.

Hedging risks through weather futures will allow companies to lower their financial risks resulting from adverse weather conditions, the statement read.

Despite improvements in the methods of weather forecasts, it is difficult to make long-term weather forecasts, Marina Petrova, general director of Roshydromet's weather center said. Weather futures are one efficient way to hedge risks for weather-sensitive companies, Petrova said.

The first trading in weather futures was launched on the Chicago Mercantile Exchange in 1999."