Then, as now, declining economies were supported by more dynamic ones.
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Nike, a company that most famously makes shoes, understood that physical activity is declining as economies grow and develop.
Remember, the overall European economies are all declining at the same time as almost every country is borrowing and printing more and more money each year to pay their bills.
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But the worry is what one economist called "The Perfect Storm" scenario -- a jump in oil prices accompanied by declining stock prices and worsening economies overseas -- a scenario that's no longer so hard to imagine.
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The worry for European policymakers is that output is declining beyond weaker, debt-laden economies like Greece and Spain.
Since then, the China market for machine tools has grown at approximately 20 percent annually, while the markets in Germany and most industrial economies have been flat to declining.
The worry for European policymakers is that output is declining not just in the weaker, debt-laden economies such as Greece and Spain, where governments have been aggressively increasing taxes and cutting spending in order to get a grip on their public finances and relieve the pressure inflicted on them by skeptical investors.
As in any declining industry, there are powerful incentives to seek shelter in economies of scale.
"Large foreign currency reserves and steadily declining inflation rates will provide policymakers with the necessary tools to nurse their economies through the hard times ahead, " the report said.
Developed countries that are quick to abandon declining industries and move upmarket into new industries and services will fare best as the emerging economies come of age.
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