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War fears contribute to lower UN forecast for US European economies

The ECE’s Economic Survey of Europe 2003, which covers Western and Eastern Europe, the United States and Canada, forecasts 2.5 per cent growth in US gross domestic product (GDP) and 1.6 per cent for the European Union (EU). By contrast, a UN report on the world economic situation issued two months ago projected US GDP growth at 3 per cent and EU GDP growth at 2 per cent.”Uncertainty surrounding the short-term economic outlook is amplified by the increasing possibility of war with Iraq,” the ECE said in a statement regarding its survey. “This has already contributed to the weakening of consumer and business confidence and has fostered a wait-and-see attitude with regard to big spending items. Even the available baseline forecasts, which assume that there will be no military conflict, however, suggest only a moderate strengthening of growth in the global economy in the course of 2003.”Both reports allow that a variety of risks exist that could push growth rates for the world and key regions even lower. These include geopolitical tensions in West Asia, rising petroleum prices and macro-economic imbalances.One bright spot noted by the ECE is the continuing resilience of economies in transition in Eastern Europe and the former states of the Soviet Union, where 4.2 per cent growth in GDP is forecast for 2003. These economies grew by 4.8 per cent and 4.1 per cent, respectively, in the difficult economic years of 2001 and 2002. read more

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NIS employee charged for causing death by dangerous driving

A 47-year-old father of four appeared before the court of Chief Magistrate Ann McLennan on Monday morning in the company of his lawyer where he denied a charge of causing death by dangerous driving.It is alleged that Dwayne Gonsalves, on November 3, 2017, at Barr and James Street, Albouystown, drove motor pickup GVV 8249 in a manner dangerous to the public thereby causing the death of Ronaldo Jaundoo.Dead: Ronaldo JaundooAccording to the lawyer, the accused who is an employee of the National Insurance Scheme (NIS), suffers from hypertension and his blood pressure was at the time of the accident, beyond elevated.Meanwhile, Police Prosecutor Neville Jeffers told the court that on the day in question the accused was proceeding north along Barr Street approaching James Street when he failed to adhere to a stop light, subsequently colliding with a motorcycle which was at the time proceeding east on the northern side of James Street.The motorcyclist suffered severe injuries to the head and various parts of his body and was pronounced dead by medical experts upon arrival at the Georgetown Public Hospital Corporation (GPHC).A breathalyzer test conducted on Gonsalves proved negative for alcohol consumption.The court prosecutor objected to bail on the grounds that a life was lost as a result of the defendant’s alleged recklessness, however the Magistrate was inclined to grant bail fixed to the sum of $600,000.Gonsalves will return to court on November, 27, 2017. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedGWI employee granted $2M bail for causing road deathMarch 6, 2014In “Crime”$1M bail for man accused of killing UG Employee in road accidentAugust 26, 2014In “Crime”Businessman placed on $1M bail for Houston fatal accidentOctober 28, 2014In “Crime” read more