THE world economy is showing signs of breaking away from the US, evidenced by a significant shift in the balance of growth across the major global markets, according to Keith Wade, chief economist at Schroders.
Wade cited Schroders research which showed a downgrading of US growth forecasts, alongside upwards revisions for growth in all other major regions. “This has reinforced the idea that the US is really less important now than it has been in the past,” he said. “There are independent drivers of growth in the rest of the world that are helping to support activity.” He pointed to China as a booming economy and also mentioned Eastern Europe and Russia as areas which have become more important, owing in part to rapid growth in exports. In determining the possibility of a global credit crunch...
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