The Hong Kong property prices had crashed by over 40% in the year 2008 and the government many steps to bring some sanity to prices. But the Hong Kong government could not do anything successfully. The economic revival in China since the beginning of 2009 has started having it’s effect on Hong Kong real estate market, and last week the prices were up by a massive 60% from the low levels reached by the end of 2008.
Now the government is looking at measures to curb the runaway rise in prices, as it cannot afford to face another bubble crash. The slow revival of global economic activity is helping back Hong Kong economy substantially.

The crude oil prices were hovering in below 70 dollars for the last three months, but the sudden flow of positive economic data from various parts of the globe has started pushing up crude prices in the last few weeks.
Australia, India and China reported healthy GDP growth, while Japan said that the recession is over. US was also not far behind with US FED saying that it is ready to tighten monetary policy in line with the growth trends.
All these were enough to push up the crude oil prices to 83 dollars in the last two days. That is a 18% surge in the last four weeks.

The hopes of a early and quick economy in the largest European economy were dashed today, when Germany reported a 1.5% decline in retail sales for the month of August 2009. The key reason behind the totally unexpected decline in retail sales is attributed to the all time high unemployment rate, coupled with fear amongst the earning citizens that the worst economic condition is not over yet.

These two countries were the only ones to stay above the water level during the global economic crisis due to the inherent strength of their domestic market. And the G20 leaders of developed countries, have decided to reward these two growing nations with more say in future G20 meetings.
These two countries and few other developing nations will share the 4% power being relinquished by the developed nations.

Only 25 banks went down in the entire 2008, and it was considered to be very bad and record high by all the analysts. The year 2009 is worse, and as of last week end, 89 banks have failed and at least another 15 banks are likely to go down in the remaining part of the year.
So the year 2009 could be remembered for record number of bank failures in US, which everybody is hoping that will not be broken in future.

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The year 2009 could well bring a big body blow to the second most populated country in the world, India. India was hit last year badly due to crashing exports and increasing unemployment. India depends on over 50% of its GDP on Agriculture, which in turn depends mostly on the seasonal monsoon.
As of last week end, over 40% of the Indian states have not received normal rainfall, and all these areas have been declared drought hit. This in turn is expected to bring at least 20% decline in the farm output, and affect over 40% of the population. That does not augur well for the country’s progress this year. The rainfall shortage is 24% as per government data released few days back.

The once illustrious European Union member country, Spain, continues to languish for eighth quarter in succession. The Spain economy has shown a 4% negative growth in GDP in the June 2009 quarter , over the figures a year ago.
The sharp drop in economic activity is due to the falling property prices coupled with increasing unemployment.
The unemployment rate has touched a high of 18% last month, from less than 4% two years back.

The US mortgage rates have fallen to 5.22% levels this week, which is the first decline to happen in the last three weeks. The US government is all set to take the bold move of pulling out all the bad assets of Freddie Mac and Fannie Mae in the coming weeks, through the creation of a new bad bank.
This move is expected to help these companies to start their mortgage lending activities on a full fledged basis, which can in turn help revive the vital housing sector. The mortgage rates stability would go a long way in helping the housing recovery.

China continues to grow in spite of the recession elsewhere in the world. China’s annual gross domestic product has recorded an year-on-year increase of 7.9% in the second quarter of 2009, up from 6.1% in the first quarter.The National Bureau of Statistics (NBS) announced the figure and but warned that economic recovery was not yet assured. Economists had forecast a second-quarter growth rate of 7.5%. The government has claimed it would achieve 8% growth over the year, well ahead of much of the world.

China’s growth figures, which peaked at 10.6% in the second quarter of 2008, are widely watched for indications of recovery in world trade. But the officials are worried. They said that the numbers could not obscure continuing problems.

“The difficulties and challenges in the current economic development are still numerous,” said spokesman Li Xiaochao at a news conference. “The basis of the rebound of the people’s economy is not stable,” he said.