The document summarizes the economic crisis that originated in the United States in 2007 and its effects on Colombia. It describes the two waves of the crisis, with the first wave starting with the bursting of the housing bubble in the US and the second triggered by a loss of confidence in the financial sector. While Colombia had some strengths like regulation of its banks, it also had weaknesses like a rigid economy that could lead to a long recovery. The document recommends actions Colombia can take to face the crisis and avoid short-term measures, including attracting capital after overcoming the crisis.
4. PRIMERA OLA August 2007: The housing bubble burst in the United States September – December 2007: The Fed lowers interest rates It decreases the growth. Devaluation of the rate of change to adjust external bills. January – September 2008: The crisis extends to the overall financial sector The hit countries are the clerks of it USES. September 2008: It is the breaking point. Lehman Brothers fail February 2009: The U.S. Congress approves the fiscal stimulus package SEGUNDA OLA It triggers a crisis of confidence in the financial sector Loss of briefcases in Europe generates the investors' aversion to invest in emergent countries October – December 2008: The governments of developed countries announced fiscal stimulus packages January 2009: Developed countries officially entering recession WORLD CRISIS: TWO WAVES ENGLISH V– 2009/2
30. EFFECTS OF THE CRISIS IN THE MANUFACTURER INDUSTRY Decrease in exports Decrease in financialresourcesforeign Increased production costs (gasoline prices) ENGLISH V– 2009/2
31. Effects of the crisis Therisingunemployment (-6.1% March 2009) fall of the dollar ENGLISH V– 2009/2
32. BIBLIOGRAPHY Radio Santafe. In economic crisis, most affected unions point to new markets. October 10, 2009. Avalaible at : http://www.radiosantafe.com/2009/10/10/por-crisis economica-gremios-mas-afectados-apuntan-a-nuevos-mercados/ DANE. PIB. September 2009. Avalaible at: http://www.dane.gov.co/files/investigaciones/boletines/pib/presen_PIB_IItrim09.pdf DANE. PIB. Bogotá D.C. Septiember 24, 2009. Avalaible at: DANE. newsbulletin: Manufacturing. June 2009. Avalaible at: http://www.dane.gov.co/files/comunicados/cp_pib_iitrim0http://www.dane.gov.co/files/investigaciones/boletines/mmm/bol_mmm_jun09.pdf ENGLISH V– 2009/2