WORLD ECONOMIC OUTLOOK: IMF MARKS
DOWN GLOBAL GROWTH FORECAST, SEES RISK ON RISE
~ The EU Is the U.S.'s
Largest Trading Partner with Nearly $560 Billion in
Total Trade in 2010 ~
January 2012
(Washington, DC) -- With
intensifying strains in the euro area weighing on the
global outlook, the International Monetary Fund (IMF)
has sharply cut its forecast for world growth this year,
saying risks to financial stability have increased.
This forecast is likely to affect the United States'
economy, since the U.S.-European economic relationship
is the largest in the world.
During the last decade, five
of the top ten overseas markets for U.S. investment
were in Europe. About 3.6 million U.S. workers are directly
employed by European majority-owned affiliates. More
than 50 percent of U.S. overseas assets are held in
Europe, while about 40 percent of Europe's foreign assets
are invested in the U.S. States across the country are
likely to see a financial impact:
-
Alabama: Of the $22.9 billion invested in
Alabama in 2007, 52 percent came from Europe.
-
California: European investment supported
almost 281,400 jobs in 2009.
-
Florida: Of the $35.1 billion invested in
Florida in 2007, 38 percent came from Europe.
-
Idaho: In 2009, Europe purchased $359 million
worth of goods from Idaho.
-
Illinois: In 2009, Europe purchased $9.5
billion worth of goods from Illinois.
-
Indiana: In 2007, Europe invested $17.9
billion in Indiana.
-
Kentucky: Of the $28.2 billion invested
in Kentucky in 2007, 41% came from Europe.
-
Maine: In 2009, Europe purchased $361 million
worth of goods from Maine.
-
Minnesota: Europe invested $3.9 billion
in Minnesota in 2007, which is 24% of total investment
in Minnesota for that year.
-
Nebraska: In 2009, Europe purchased $637
million worth of goods from Nebraska.
-
New Hampshire: Europe invested $2.5 billion
in New Hampshire in 2007, which is 48% of total
investment in New Hampshire for that year.
-
Ohio: European investment in Ohio supported
more than 105,900 jobs in 2009.
-
Pennsylvania: Of the $39.8 billion invested
in Pennsylvania in 2007, 54% ($21.3 billion) came
from Europe.
-
South Carolina: In 2009, Europe purchased
$6.6 billion worth of goods from South Carolina.
-
Tennessee: European investment in Tennessee
supported 51,400 jobs in 2009.
-
Texas: European investment in Texas supported
212,000 jobs in 2008.
-
Virginia: In 2009, Europe purchased $5.3
billion worth of goods from Virginia.
-
Washington: Europe invested $9.3 billion
in Washington in 2007, which is 43% of total investment
in Washington for that year.
-
Wisconsin: In 2009, Europe purchased $3.7
billion worth of goods from Wisconsin.
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