The Brookings Institution reported in June 2009 that U.S. consumption accounted for more than a third of the growth in global consumption between 2000 and 2007. "The US economy has been spending too much and borrowing too much for years and the rest of the world depended on the U.S. consumer as a source of global demand." With a recession in the U.S. and the increased savings rate of U.S. consumers, declines in growth elsewhere have been dramatic. For the first quarter of 2009, the annualized rate of decline in GDP was 14.4% in Germany, 15.2% in Japan, 7.4% in the UK, 18% in Latvia, 9.8% in the Euro area and 21.5% for Mexico. COUNT 5
QSN1 According to The Brookings Institution report in June 2009, how much growth did U.S. consumption account for between 2000 and 2007? ANS1 more than a third QSN2 For the first quarter of 2009, what was the annualized rate of decline in GDP in Germany? ANS2 14.4% QSN3 For the first quarter of 2009, what was the annualized rate of decline in GDP in Mexico? ANS3 21.5% QSN4 Who depended on the U.S. consumer as a source of global demand? ANS4 the rest of the world QSN5 What is one reason for the decline in growth around the world in 2009? ANS5 recession in the U.S.