World economy from the eyes of a consumer

The country is developing so fast that the quality of its economy directly affects the whole world.

July 5, 2016

A thousand people may give a thousand different opinions about today’s world economy

World economy in eyes of consumers worldwide

[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]T[/dropcap]alking about today’s world economy, a thousand people may give a thousand different opinions, depending on their diverse locations and occupations.

Recently, Xinhua correspondents based worldwide conducted interviews in some major cities’ commercial centers, collecting many thoughts from interviewees on their nation’s economic growth, employment, as well as on the Chinese economy, which may shed some light on the general global economic situation in the first half of 2016.

U.S.& MEXICO: FEELING RECOVERY, SEEKING QUALITY

“The economic growth has been strengthened, and the unemployment rate is declining in the United States,” said a young man walking on Wisconsin Avenue, in downtown Washington, D.C. “But what really matters is the quality of employment.”

The man, who appeared to be in his early 30s and refused to give his name, is an employee of the U.S. Department of State. In his opinion, it’s easy today to find a low-skill job in the United States, but things are quite different in the other half of the job market.

The nation’s economic structure has changed, he said, adding that the prominent task facing the U.S. economy is to offer more high-level jobs as soon as a new president takes office.

” In Mexico, confidence in economic growth also prevails. At the Apple store inside the Antara mall of Mexico City, a nearly 50-year-old man, who only gave his first name as Carlos, was picking a Macbook as a gift for his daughter’s birthday. He was quite optimistic about the country’s economy.

“My salary is on the rise despite a depreciation in the peso,” said the personal doctor. “The overall consumption level of Mexicans is also rising.”

Though showing up at an Apple store, Carlos is quite familiar with the American brand’s Chinese rival — Huawei. “Huawei is very popular in Mexico, you can see the huge billboard at the airport here,” he said excitedly.

“Chinese products are great, some of the medical devices in my hospital were bought from China,” said Carlos. “The country is developing so fast that the quality of its economy directly affects the whole world.”

BRAZIL & RUSSIA: NEED CHANGE OF ECONOMIC MODEL

“[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]B[/dropcap]razil has to develop its own industries and stop being overly dependent on natural resources exports, or it will simply become a resource supplier for other countries,” Fernando Fonseka, a Brazilian lawyer, said at the Morumbi Mall of Brazil’s biggest city Sao Paulo.

In Fonseka’s opinion, the Brazilian economy is cyclical, and as long as relevant parties of the government are united, the economic predicament will soon be history.

“Brazil didn’t grasp the opportunities that came just after the 2008 recession,” he said, before emphasizing that a system of low efficiency and deep-rooted corruption impairs the nation’s development.

Fonseka said that “Made in China” products can been seen everywhere in Brazil, including the cellphone he’s going to purchase here at the Apple store.

“Entrepreneurs here pay great attention to the Chinese economy, since it has a very big impact on the Brazilian economy, too,” he said.

The urge for getting rid of the image of a resource exporter is also strong in Russia.

” [dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]A[/dropcap]t Moscow’s Central Department Store, Alexander Patrov told Xinhua that the Russian economy is now struggling to cope with an ordeal. “The country has to strengthen the independence of its economy, although it’s a rather complicated issue,” he said.

The doctor of linguistics also noted China’s high economic status. “To be honest, the Chinese economy is so important that it has become an essential part of the global economy,” said Petrov.

JAPAN & EUROPE: NO OPTIMISM OR IMPETUS

Inside the crowded commercial district of Shibuya in central Tokyo, a Japanese woman in her 50s told Xinhua that she has little confidence in her country’s future economy.

[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]A[/dropcap]s the aging population here is increasing, young people are becoming less, which means contributors to the country’s retirement fund are becoming less, said the lady who preferred to remain anonymous.

Worrying about her retirement, she said: “Elder care is an urgent problem for the Japanese government; however, there seems yet no effective solution to it. Therefore, I can only save more and spend less.”

Saving money is also the concern of a 24-year-old Belgian woman, Ein Quinn, who recently began to work in a think tank in Brussels.

At Brussels’ busiest thoroughfare, Avenue Louise, Quinn told Xinhua that Europe’s growing economy failed to bring more benefits to the general masses as it only benefits the small upper class.

” “As a new employee, I can expect a salary increase and better life in the future, but this prospect is far worse than that of the seniors. Compared with our parents, it’s harder for young people nowadays to find a job. We need to do lots of unpaid internships to gain work experience,” she said.

“Even after starting a job, we have to pay back several kinds of debts first, for example, student loans,” she said.

AUSTRALIA & INDIA: CONFIDENCE ALONG WITH HOPE

Twenty-two-year-old David Mansberger, a law student at the University of Sydney, was strolling on George Street, which is always packed with shoppers.

“[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]I[/dropcap] have confidence in the Australian economy, but we need a visionary government to focus on long-term development and promote significant economic reforms in a bid to transfer the economy from relying on resources to technology, innovation and services,” Mansberger said.

He is also optimistic about the world economy. “Doubtlessly, the world economy is better. The current problem is whether each government has suitable reforms to make sure there is no global economic crisis any more.”

As for his impression of the Chinese economy, the young man said he liked to use Wechat. “Most products in the market are made in China. China can make anything!”

At the other end of the world, inside the Uniworld Apple store in the most crowded section of Bombay, there are more shop assistants than consumers. However, this doesn’t affect customers’ confidence in economic growth.

“[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]M[/dropcap]odi’s administration has done a lot after taking office, among which the most impressive project is ‘Make in India.’ Though these policies need time to produce results, the Indian economy will surely have big changes in the coming one or two years,” said Rohit, a staff member of the Apple store who only gave his family name

Speaking of Chinese products, Rohit said: “The Chinese production level is so high.” He explained that many components and parts of products, which were labeled “Made in India,” are actually imported from China, especially for mobile phones.

Notes:
1. Xinhua
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