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This article talks about South Korea's exports falling for the six month in a row. Exports in South Korea in August fell by 6.2%. Because of this the AD curve would shift to the left. A fall in exports does not mean there has been a fall in income in South Korea, but rather a fall in the national level of income in other countries, which means people are not importing as much as they previously were. When people have a lower income, or when people perceive the economy to be shrinking, they save more money, which means they are not consuming as much. This fall in consumption has an effect inside the country in the form of consumption, but also outside of the country in the form of a decrease in imports. 

This article talks about how South Korea's inflation is at its lowest in 12 years at 1.2 per cent. This has both positive and negative effects. It is positive because price level is only slightly increasing, which is good for consumers withing South Korea. However it also has many negative effects. Because inflation is so low employment and real GDP will only be slightly increasing, these are elements that are good for the economy when they increase. One of the main reasons why the inflation is so low is because exports, a key section of the country's economy, have decreased. If exports continue to decrease then this could result in a decrease of GDP in the country which is not good for people living in the country and the country's economy. However, the article says that it is unlikely that South Korea will experience deflation and that this is likely the trough for inflation, meaning inflation is due to increase.

Currently the economic growth forecast of South Africa isn't looking as promising as thought, while  additionally its budget deficit is going to be higher than promised. 4.8 percent of GDP instead of 4.6 percent. According to the president, Gordhan, this is due to slower economic growth and not due to increase in government spending. He emphasizes that there will be no increase in government spending. From a neoclassical side this is a good thing as an increase in spending accompanied by a decrease in taxes will only further increase the governments budget deficit. The mining strikes ongoing in South Africa have had two significant consequences. 1. more people have become unemployed due to the strikes for higher wages.2. Offshore investors are worried that the government will increase spending to ease the social tensions. As a result both decreases AD as there is less consumption and investment. 

The unemployment rate in South Africa falls from 25.2 % to 24.9 % in the second quarter of 2012. This is because the mine companies, the construction companies and the government are starting to hire people again because they have lowered their wages and therefore made it possible for them to increase their labor force and by that decreased the amount of people who are unemployed.

This article discusses how Australia's unemployment rate fell unexpectedly. Unemployment decreased to 5.1% from 5.2% in July in a time in which a Bloomberg survey of 23 economists predicted it to increase to 5.3%. The reason given for this is that the labor participation rate slumped to lowest level in more than five years, a sign workers looking for jobs have exited the labor force. Unemployment had been expected to rise - although the economy grew by about 4% on the back of a strong resource industry, a stronger currency and slower global growth led to job reductions at companies including Ford and Qantas. Employment in the states of Victoria and South Australia dropped 14,800 and 9,000 respectively, but increased by 6,900 in Western Australia and 5,800 in Queensland which are centers of the resource industry.

Unemployment is the condition of someone of working age (16-64) who is willing and able to work, actively seeking employment, but unable to find a job. The unemployment rate is the percentage of the total force in a nation that is unemployed. This article lists unemployment rates in various states of India, compares unemployment rates in rural and urban areas and also provides unemployment of women compared to men. The differences are extreme. India had a nation-wide unemployment rate of 3.8% (for June 2012) while the rate is as high as 17.9% in Goa. The lowest unemployment rate is in Gujarat at 1%. There are also large differences between male and female unemployment in India. While male unemployment stands at 2.9% female is at 6.9%. If we focus on a specific state in India, the female unemployment rate was highest in Goa at 46.2%. The unemployment rate is also very different between rural and urban areas. The article only provides figures for females. 28% of females were unemployed in rural areas compared to 17.9% in urban areas on a national level. The highest female unemployment rate in urban areas is in Sikkim at 51.1%. - Julieta Fischer

As we know, inflation is a rise in price levels. In India at the moment, there is a slide in the value of the rupee, and simultaneously food, fuel and manufactured items are raising in price, leading in a high inflation. This is an exmple of stagflation becuase it is a 'cost-push' inflation (inflation caused by rising costs of products).  In India, the inflation rate was expected to rise 6.7% (by economists) but it actually rose 7.23%.