Need an argumentative essay on Portfolio project. Needs to be 16 pages. Please no plagiarism.
In 2012, the deficit in global budget narrowed down to approximately $2.7 trillion (a representation of 3.80% of the global GDP-Gross Domestic Product). However, the global economic growth shifted (dropped) to 3.10% in 2012 from 3.70% in 2011 and 5.10% in 2010 fiscal years. The global unemployment rate increased to 9.20% in 2012.
Countries that used expansionary monetary and fiscal policies attained significantly increased growth rates, lower rates of unemployment, increased growth in tax revenues, and success in cutting down public debts. Countries that employment contractionary policies failed to achieve what the former countries realized. In 2012, over 85 countries with pro-growth strategy realized median Gross Domestic Product growth rates of 4.90%, compared to 0.80% realized 37 nations with restrictive monetary and fiscal policies. This represented a difference of 4%. Among the listed 85 countries with pro-growth strategy, Canada grew by 1.90%, 2.20% for the United States, 3.0% for Turkey, 3.40% for Russia, 4.0% for Mexico,, 6.0% for the Indonesia, and 7.80% for China. Among 37 countries that restricted their monetary and fiscal policies, Italy grew by -2.30%, -1.40% for Spain, -0.5% Netherlands, -0.20% Belgium, 0.10% France, 0.70% Germany, and 2.30% Brazil. These 37 countries reported unemployment rates of 11.50%.
The global financial crunch of 2008-2009 caused the first recession in international output similar to what was experienced in 1946. Thus, the globe was faced with a new challenge mainly defined by finding out what combination (mix) of monetary and fiscal policies to apply in restoring jobs and growth, while keeping debt and inflation under control. Monetary stimulus and stabilization programs initiated in 2009-2011 to lower revenues in taxes in 2009-2010. required a number of countries to employ large budget debits. New public debts were issued by treasuries – amounting to $7.6 trillion.
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