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Georgia Hispanic Chamber of Commerce (GHCC) Women Legislator’s Luncheon “Economic Crisis: A Woman’s Opportunity for Leadership” January 31, 2009 Tisha R. Tallman, President & CEO December 5, 2008 Outline Background (financial and economic crisis)

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slide1

Georgia Hispanic Chamber of Commerce (GHCC)

Women Legislator’s Luncheon

“Economic Crisis: A Woman’s Opportunity for Leadership”

January 31, 2009

Tisha R. Tallman, President & CEO

December 5, 2008

outline
Outline
  • Background (financial and economic crisis)
  • What the national and international leaders have to say: identification of the problems and solutions
  • National and local context: economic crisis
  • Possible solutions: education; small business job creation and innovation; purchasing power
  • Call to Action
background
Background
  • U.S. financial crisis
  • Global financial crisis
  • Global and U.S. economic crisis
  • Predictions (David Hale and Steve Forbes)
apec summit
APEC Summit
  • 1996 created for CEOs to participate in the APEC Leaders’ meeting
  • Most important annual meeting of economic and business leaders whose decisions shape the future of the Asia Pacific and beyond
  • APEC leaders, business leaders from Asia Pacific and Latin America
solutions for global financial crisis
Solutions for Global Financial Crisis
  • Economic stimulus packages
  • Free trade
  • Human capital investments: education
  • Economic development: ports, infrastructure
  • Regulations: banking
what are the implications of the current global financial turmoil
“What are the implications of the current Global Financial Turmoil?”
  • Keynote Address by: Prime Minister John Key of New Zealand
  • Remarks by: George Yeo, Minister of Foreign Affairs, Republic of Singapore; David Hale, Chairman David Hale Global Economics; Luis Alberto Moreno, President Inter-American Development Bank; Emilson Alonso, Group Managing Director, HSBC Latin America
  • Moderated by: Dato Timothy Ong, Chairman, Brunei Economic Development Board and former ABAC Chair (2000)
slide9
Comments:
  • Prime Minister Key talked about credit boom and bust.
  • Minister of Foreign Affairs Yeo talked of decline of US power and growth of China and India (a multi-polar world). Sharing of power. Trust. Result will be formation of new divisions, and diversity.
are ftas building blocks or stumbling blocks how can apec help advance the wto trade talks
“Are FTAs building blocks or stumbling blocks? How can APEC help advance the WTO trade talks?”
  • Mari Pangestu, Minister of Trade, Republic of Indonesia
  • Vinod K. Aggarwal, Professor and Director, Berkeley APEC Study Center, University of California at Berkeley and Chief Economist, Frost & Sullivan
  • Rob Scollay, Associate Professor and Director of APEC Study Centre, University of Auckland
  • Juan Francisco Raffo, Chairman, APEC Business Advisory Council (ABAC) 2008
  • Moderated by: Felipe Aldunate, Chief Editor, America Economia

Comments: consensus for WTO to resume talks on comprehensive solution

china s quest for sustainable development
“China’s Quest for Sustainable Development”
  • Keynote by: President Hu Jintao of the People’s Republic of China
  • Remarks by: Michael Enright, Sun Hung Kai Professor of Business Administration, University of Hong Kong and leading expert on competitiveness; Vincent Cheng, Chairman HSBC Asia; Xiao Yaqing, President CHINALCO; Cesar Alierta, Chairman of the Board of Directors, Telefonica; Hermann Ude, CEO, DHL Global Forwarding
  • Moderated by: Alberto Padilla, Financial Business News Anchor, CNN en Espanol
slide14
Comments: Discussion of growth of the East Asian markets. Portion of surpluses will go back into infrastructure investment. For example, in China, a $600 billion or 15% of GDP economic stimulus package.
growth equity and sustainable development ideas for apec s future agenda
“Growth, Equity and Sustainable Development: Ideas for APEC’s Future Agenda”

Keynote by: Prime Minister Kevin Rudd of Australia

Comments: What happened and what needs to be done; 1.4% GDP economic stimulus package

economic growth and poverty alleviation what are the challenges for apec s developing economies
“Economic Growth and Poverty Alleviation: What are the Challenges for APEC’s developing economies?”
  • Keynote by: President Susilo Bambang Yudhoyono of Indonesia
  • Remarks by: Craig Mundie, Chief Research and Strategic Officer, Microsoft Corporation; Richard Adkerson, CEO, Freeport McMoRan Copper and Gold; Jack Ma, CEO, Alibaba Group
  • Moderated by: Nick Reilly, President, General Motors Asia Pacific

Comments: human capital investment; education (20% of the budget)

meeting the challenge of globalization
“Meeting the Challenge of Globalization”

Keynote by: President Michelle Bachelet of Chile

Comments: on the economic crisis

asia s economic rise what does it mean for the world
“Asia’s Economic Rise: What Does it Mean for the World?”

Keynote by: President Lee Myung-Bak of Korea

Comments: energy and climate crisis in addition to global financial crisis; “stand still” policy (no free trade barriers); investment in education, science and technology; from average income of $100 - $20,000; support FTAs

what can apec do to strengthen the asia pacific community
“What can APEC do to strengthen the Asia Pacific Community?”

Keynote by: President George W. Bush of the USA

Comments: financial crisis; free trade; 2/3 trade in world with APEC; we have tripled our trade w/ China

strengthening global free trade and investment what should the key priorities be
“Strengthening Global Free Trade and Investment: What Should the Key Priorities be?”

Keynote by: Chief Executive Donald Tsang of Hong Kong, China

Comments: regional trade; WTO support; no consumption taxes; no capital gains tax

slide29
“How has the Global Financial Crisis affected the APEC Agenda: Is a re-thinking of priorities required?”

Keynote by: Prime Minister Stephen Harper of Canada

Comments: long term flexible exchange rates; long term tax reductions; still at surplus; long term plan to not have structural budgetary deficits; 40 million jobs created through NAFTA

slide31
“The Global Financial Crisis and Latin America: What are the implications for Latin America and the world?”

Keynote by: President Felipe Calderon of Mexico

Comments: Asian market surplus without adjusting exchange rates; need flexible exchange rates to end crisis; mistrust; structural reforms in education, judiciary, and energy; to build port in Baja California; Goldman Sachs 2050 prediction (China, U.S., India, Mexico, Brazil)

slide33

“Surviving the Crisis: Are the measures taken so far enough? How long will the recovery take? What are the implications for the Global Financial Architecture?”

Keynote by: David Hale, Chairman, David Hale Global Economics

  • Remarks by: Angel Gurria, Secretary General, Organization for Economic Cooperation and Development; Reuben Jeffery III, Under Secretary of State, Economic, Energy and Agricultural Affairs, USA; Richard Waugh, President and CEO, Scotiabank; Robert Priday Woodworth, CEO, Cervecerias Peruanas Backus
  • Moderated by: Raul Ferro, Editor, BN America’s
slide35
Comments:
  • David Hale: global financial crisis now an economic crisis; Citibank from $300 billion to $36 billion; May or June rebound; 2011 or 2012 back to stable; financial institution regulations (increase in capital); G 20 must address emissions China and US
  • Robert Woodworth: 150 page report on failures; regulations; Canada at 9-10% capitalization, US at 4% and one bank 60 times leveraged assets
economic reform at a time of crisis the experience of latin america
“Economic Reform at a Time of Crisis: The experience of Latin America”

Keynote by: President Alvaro Uribe

Comments: invest in Colombia; changes made in Colombia

economic crisis
Economic Crisis
  • Unemployment from 3.2% to 9.6% from state to state; prediction upwards of 10% by Spring for GA
  • $10.6 trillion national debt
  • Bailouts – estimates in trillions of dollars
  • State Unemployment 7.5% (ranked 43)
  • $2 billion in budget cuts

(CNN Money.com, Unemployment Rates by State, December 2008; About.com: US Economy, updated January 2009)

slide41
Possible Solutions

Education

Small business

Purchasing power

education
Education
  • Education is critical to our ability to attract and keep businesses
  • Education is a direct link to global and national competitiveness
  • Education is a direct link to economic growth and development
education challenge
Education Challenge
  • High dropout rates
  • Public school enrollment is 12th fastest growing in the nation
  • Teacher hiring – in 2006, teacher slots remained unfilled, affecting tens of thousands of students
graduation rates national
Graduation rates – National
  • 71% of all students graduate from high school with a regular diploma ( 50.6% American Indian; 55.3% Black; 57.8% Hispanic)
  • Large disparities are found across racial and ethnic groups

(Diplomas Count 2008: School to College: Can State P-16 Councils Ease the Transition, EPE Research Center, 2008)

graduation rates georgia
Graduation Rates – Georgia
  • 58.1% of all students graduate (High School Graduation Rates, 2005)
  • 45.1% American Indian students
  • 80.9% Asian students
  • 39.1% Hispanic students
  • 49% Black students
  • 64.5% White students

(Diplomas Count 2008: School to College: Can State P-16 Councils Ease the Transition, EPE Research Center, 2008)

negative outcomes
Negative Outcomes
  • Average income of 18 to 65 year olds without a high school diploma was about $20,100 in 2005
  • Average income of with a diploma or GED was nearly $29,700
  • Dropouts are more likely to be unemployed if they are in the labor force
  • Dropouts report to be in worse health than those with a diploma regardless of income
  • Dropouts make up disproportionately high percentages of the nation’s prison and death row inmates

(Dropout Rates in the United States: 2005, National Center for Education Statistics, NCES 2007-059, June 2007)

small business
Small Business
  • GA relies on small business for job creation, creativity, and innovation
  • From 2004 to 2005 small businesses created all of GA’s net new jobs
  • US SBA reported in 2008 that there are 831,122 small businesses in GA
hispanic owned businesses
Hispanic Owned Businesses
  • 2 million Hispanic-owned businesses in the nation generating almost $300 billion in annual gross receipts (Small Business Administration, HispanicTelligence)
  • Hispanic firms grew by 31 percent between 1997 and 2002, more than three times faster than the 10 percent increase in the number of all U.S. firms. (Census Bureau, data release 2006)
hispanic owned businesses51
Hispanic Owned Businesses
  • As of 2002, GA had 18,310 Hispanic-owned firms representing $4.2 billion in business revenues. (2002 Survey of Business Owners, Small Business Administration)
  • Of the top 25 minority firms in Atlanta, 10 are Hispanic-owned. (Atlanta Business Chronicle – The Book of Lists, 2006-2007)
  • By 2010, there will be 3.2 million Hispanic firms generating $465 billion (Small Business Administration, HispanicTelligence)
latina owned businesses
Latina Owned Businesses
  • There are more Latina-owned businesses than any other group of women of color. (Key Facts on Businesses Owned by Women of Color, 2008 Update, Center for Women’s Business Research, 2008).
  • As of 2008, there were $747,108 Latina -owned firms employing 430,082 people and generating nearly $61 billion in revenues. (Key Facts on Businesses Owned by Women of Color, 2008 Update, Center for Women’s Business Research, 2008).
african american owned businesses
African American Owned Businesses
  • As of 2006, it was reported that in 2002, there were 1.2 million Black-owned firms, employing about 754,000 people and generating $89 billion in business revenues
  • As of 2002, 90,461 African American owned firms in GA

(Census Bureau, 2006)

african american women owned businesses
African American Women–Owned Businesses
  • As of 2006, an estimated 849,430 firms owned by African American women employing 287,913 people and generating more than $36 billion in sales
  • Between 1997 and 2006, the number of firms owned by African American women increased by 147%, number of employees increased 20.4%, and sales increased 69.9%

(Center for Women’s Business Research, Businesses Owned by African American Women in the United States, 2006: A Fact Sheet)

purchasing power
Purchasing Power
  • Consumerism contributes to economic growth and development
  • Creates jobs and job stability
  • Tool for change
purchasing power hispanic
Purchasing Power – Hispanic
  • Between 1990 and 2007, Hispanic buying power rose from 5 percent to 8.6 percent, and it rose in every state. (Selig Center for Economic Growth, Multicultural Economy, Third Quarter 2007)
  • Projected by 2007, the Hispanic market represented $862 billion (about the same size as Mexico’s entire economy – in terms GDP). (Selig Center for Economic Growth, Multicultural Economy, Third Quarter 2007)
purchasing power hispanic58
Purchasing Power – Hispanic
  • In GA, the Hispanic buying power rose from $1.3 billion in 1990 to $13.6 billion in 2007. (Selig Center for Economic Growth, Multicultural Economy, Third Quarter 2007)
  • Georgia is the fourth fastest growing Hispanic market in the nation (1990-2007). (Selig Center for Economic Growth, Multicultural Economy, Third Quarter 2007)
  • Georgia is tenth largest Hispanic market in the nation as ranked by 2007 size of market in billions of dollars. (Selig Center for Economic Growth, Multicultural Economy, Third Quarter 2007)
purchasing power hispanic59
Purchasing Power – Hispanic
  • Predicted that the buying power will rise to $1.2 trillion in 2012. (Selig Center for Economic Growth, Multicultural Economy, Third Quarter 2007)
  • Predicted to rise at a faster rate than other minority groups. (Selig Center for Economic Growth, Multicultural Economy, Third Quarter 2007)
purchasing power african american
Purchasing Power – African - American
  • Reported in 2004 that buying power rose to $723 billion in 2000.
  • Projected that buying power could be at $965 billion by 2009 (up 203% from 1990).
  • Projected that buying power will rise to $1.1 trillion in 2012.
  • Projected that African-Americans’ share of the consumer market will be 8.7% in 2012.

(Selig Center for Economic Growth, Multicultural Economy, Third Quarter 2007)

call to action
Call to Action
  • Proactive long and short term agenda on education that addresses: graduation rates; continuation of the HOPE scholarship; higher standards based on international and national norms; incentivize recruitment for quality teachers
  • Proactive agenda for small businesses to encourage formation and sustainability including tax policies that encourage the location and expansion in GA