Emerging economies surging ahead

Global growth is not expected to be spectacular for 2005, with US and UK consumer spending on the wane and Europe remaining in the doldrums. On a global basis, however, things are not all bad, as the fast-developing emerging nations, particularly China and India, looking set to make up the shortfall. Richard Saunders, senior manager of investment management at Butterfield Bank Guernsey, says: "Looking ahead, the long-term background is dominated by many negative structural factors including record US deficits, soaring consumer debt, exceptionally low consumer savings rates and deceler...