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In 2012 economic growth and labor market conditions deteriorated, with progress at -2.3% and unemployment rising to practically 11%, with youth unemployment around 35%. The government has undertaken a number of reform initiatives designed to extend long-term economic progress. These advances, as well as a authorities subsidized, decreased working hour scheme, assist clarify the comparatively modest enhance in unemployment through the 2008-09 recession - the deepest since World War II - and its decrease to 6.5% in 2012. GDP contracted 5.1% in 2009 however grew by 4.2% in 2010, and 3.0% in 2011, before dipping to 0.7% in 2012 - a reflection of low investment spending because of crisis-induced uncertainty and the decreased demand for German exports from recession-stricken periphery countries. Hong Kong Hong Kong has a free market economy, extremely dependent on worldwide commerce and finance - the value of products and services trade, including the sizable share of re-exports, is about 4 occasions GDP. Gross foreign reserves at the end of November 2012 have been approximately $356 million, in contrast with $326 million in 2011, and were adequate to finance solely 2.6 months of imports. The IMF/EU bail-out program lapsed at the tip of the year and was replaced by Put up Program Monitoring and Article IV Consultations on total economic and fiscal processes. In January 2013, the Isle of Man signed a tax settlement with Guernsey and Jersey, to be able to allow the islands' authorities বেটিং সাইট রিভিউ to end tax avoidance and evasion. Tourism is a key industry, with most vacationers from the US; an more and more massive variety of cruise ships visit the islands.
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