Although economists at HSBC, a bank, expect a recession in America, they still predict world growth of 3.2% and 2.7% in 2001 and 2002, respectively.A recent study by HSBC explores in more detail the various channels through which recession in America might export trouble to other economies: notably through trade, commodity prices, foreign investment, exchange rates and share prices.
His experiment of building a small local government from the bottom up, relying on that one feature of Somali society that has bedeviled just about all national governance efforts to date — the clan — may have wider implications for the rest of the country, which seems to export trouble continuously, most recently in the form of pirates.
If the crisis here cannot be solved by the country's politicians, then Bahrain will export trouble to the region - sharpening Shia-Sunni sectarianism - and the dangerous competition between the Saudis and Iran.
It is what Afghanistan was in the eighties, importing and exporting troubles.
Some, such as Glasgow and Liverpool, sent many of their citizens to live in distant "new towns", thinking that they were exporting their troubles.
China's exports show troubling signs.
Instead, the real argument in the rest of Asia was that it would suffer less than in previous American downturns.As well as hitting exports, America's troubles could also affect emerging Asia through financial channels.
That would be the economically rational thing to do, so as to prop up the country's troubled export sector in the face of the global demand slump.
They fan protectionist forces, particularly as the IMF encourages troubled countries to export their way out of trouble.
And Germany's export markets are in trouble.The largest destination for its goods is obviously the euro zone.
