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The Money Trail

Posted 7 months, 26 days ago

The Money Trail
Grim news out of the International Monetary Fund, an international organization that provides financial assistance and advice to its member countries, which according to CNNMoney.com, says economic growth in the United States will "slow to a crawl of just 0.5% this year," making it the worst pace in 17 years. Apparently, the United States won't do any better next year either. What does this have to do with the sailboat racing? Well, if you’re in the industry, it’s not the kind of news to make your day, but if you’re the Volvo Ocean Race, the rest of the IMF's report fits in nicely to your revised race route; one heavily criticized as a sell-out to the commercial side of the race. CNNMoney.com’s story today says, "Global powerhouse China, which barreled ahead at an 11.4% pace last year, would see growth moderate to 9.3% this year and then strengthen a bit to 9.5% next year. India, which grew by a blistering 9.2% last year, is expected to grow by 7.9% this year and 8% next year. Russia, which logged growth of 8.1% last year, will see growth moderate to 6.8% this year and then 6.3% next year." Hmm…let’s see: we’ve got stops in Singapore, Qingdao, and Kochi, India, and of course, the finish in St. Petersburg, Russia. Turns out Volvo Event Management is smarter than their critics made them out to be. The racetrack simply follows the money trail. Full Story »

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