So, did you feel Katrina & Rita effects?
There is a popular saying - when the US economy sneezes, Mr Jack in Honolulu catches cold. And Jack could be anyone, a small trader, a big business honcho, an average daily wage earner or a high-flying executive, living in any part of the world, not necessarily the proverbial Honolulu. Such is the power of the world's largest economy that anything good or bad about the country resonates all across the world.Despite its economic and military prowess, the US is not devoid of natural disasters and calamities. In fact, the recent past has been particularly bad for the country on this front with Katrina, Rita and their smaller brethren causing large-scale devastation.
According to various reports, hurricane Katrina alone is estimated to have caused loss of more than $200 bn. And the damages were widespread - from closure of Gulf Coast ports to flooding of New Orleans, from heavy job losses to an unprecedented surge in energy prices, from a sharp negative impact on companies' sales and profits to a heavy downpour on consumer sentiments. And the impact was not limited to the Gulf Coast and New Orleans in the US but was felt outside the boundaries of these areas.
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posted by Arhaan @ 8:40 PM
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