Cosmetic Industry Analysis Essay

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Pages: 113
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Introduction

Global economy had experienced the worst recession in decades during 2008 till 2009 (Nouriel, 2009). Fear and panic were surrounded among people. During those days, the main headline of newspaper is about share market decreasing, industrial growth decreasing, and overall instability of the economy. Rumors are thick and flying, as a result, it create more fear among people and households about their savings and hard earned income. Most countries are affected by the recession, especially the developed country, United State (US). For example during May 2009, US housing sector had face a declined of sales, which was 79%, much more than from its peak in 2006 (74%) and became lowest in the history (Xinhua, January 21, 2010). …show more content…
Lastly, China’s economy during the past thirty years has changed from a central planned system (largely closed to international trade) to a more market-oriented economy (rapid growing in private sector). The 2009 global crisis had reduced foreign demand for Chinese exports for the first time in many years.
[pic](Sources BRIC referred CIA World Factbook: http://www.theodora.com/wfbcurrent/brazil/brazil_economy.html, http://www.theodora.com/wfbcurrent/russia/russia_economy.htm, http://www.theodora.com/wfbcurrent/india/india_economy.html & http://www.theodora.com/wfbcurrent/china/china_economy.html) Figure 2: BRIC’s GDP Real Growth Rate

As comparing between BRIC’s GDP real growth rate in Figure 2, Russia’s growth rate faced the most impact during the crisis year on 2009 which made the country faced a -8.5% of real growth rate. However, second largest impact country Brazil only showed a 0.1% of growth rate comparing to year 2008 which still maintaining a 5.1% of GDP real growth rate. Hong Kong, Taiwan, South Korea and Singapore are recognized as the Asia Four Tiger and knew as newly industry country. Hong Kong has a free market economy and highly dependent on international trade and finance. However, Hong
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