International trade has contributed 1

Impact of euro zone crisis on U

growth should Canada Goose sale cushion the American economy against severe damage uk canada goose from the storms in Europe, unless canada goose factory sale a financial meltdown causes global havoc. gross domestic product growth in 2012 not enough to throw recovery off course.

What is far harder to predict is canadian goose jacket the Canada Goose Online potential impact of a cataclysmic event, such as a Canada Goose Jackets Lehman style financial collapse in Europe possibly brought on by one canada goose uk outlet country quitting the 17 member euro zone currency union. economy:Euro zone economy contracts by about 1 percentage point in canada goose black friday sale late 2011/early 2012 and then posts very cheap Canada Goose slow growth, which already is built into many forecasts. GDP by 0.1 to 0.2 canadagooseoutlete percentage point in first half of cheap canada goose uk 2012. economy is hit. exports. Commerce Department. recovery has gathered momentum, it has grown less dependent upon trade. International trade has contributed 1.1 percentage points to total GDP growth since the recession ended in 2009, almost triple the post war average, Deutsche Bank said. But export growth has slipped to 5.8 percent in the third quarter of 2011, year over year, from a peak of 13.5 percent in the second quarter of last year. Deutsche forecasts it will canada goose coats slip further to 3.9 percent by uk canada goose outlet end of this year. growth picture. growth.

A serious slowdown throughout the European Union would lessen its import appetite, hurting China. canada goose clearance sale The European Union is China largest export market, so a euro zone recession canada goose uk black friday would cause a canada goose slowdown in China, dragging down other Asian countries which increasingly feed China manufacturing machine, and thus would drive a global economic slowdown.

Wells Fargo estimated that a slowing Europe would dampen demand for commodities, hitting coal mining in West Virginia canada goose clearance and precious metals in Utah.

Auto and aircraft parts manufacturing in Kentucky, Connecticut, Washington, South Caroline and Alabama would be affected. Key service sectors also are likely to be affected tourism, finance, entertainment, software and engineering. This would hit New York, California Florida, Texas and the Carolinas. economy like a low grade Canada Goose Outlet fever, not bad enough to fell it.

are really going to be bumping along from crisis to crisis, he said. can see European leaders allowing it to fall apart, canada goose store and I can see them fixing it either.

FINANCIAL MELTDOWN: A disorderly sovereign default that causes a 40 percent decline in world equity prices, a widening of credit spreads by 350 basis points in some euro zone countries, plunging business and buy canada goose jacket consumer confidence, and a global downturn. GDP growth lowered by 2.05 percentage points Canada Goose online in 2012 and by 2.77 points in 2013, accompanied by deflation or disinflationary pressures. Unemployment, currently at 9 percent, would rise by at least two percentage points in 2013. Developed country GDP would be 5 percent lower by 2013.

The OECD is the first agency to provide a detailed forecast of the possible impact of the euro zone crisis spiraling out of control. The picture could turn even uglier, depending upon the policy response. GDP in 2013; and if one Canada Goose Coats On Sale or several countries were seen at risk of leaving the euro zone, higher interest rates on debt and bank runs would add to instability. Exit would cause political, economic and market upheaval.

turbulence in Europe, Canada Goose Parka with the massive wealth destruction, bankruptcies and canada goose coats on sale a collapse in confidence in European integration and cooperation, would most likely result in a deep depression in both the exiting and remaining euro area countries, as canada goose outlet sale well as in the world economy, the OECD said on Monday.

However, economists point out there are some factors to offset the worst case scenario. Households and businesses have deleveraged significantly, putting their balance sheets in a stronger position to withstand a downturn than three years ago, and the economy is less dependent buy canada goose jacket cheap on the housing sector.

could slide into a growth recession but you wouldn see the scale of decline canada goose uk shop in growth we saw during the Lehman crisis, Riccadonna said.